China Power International Development (CPID), the Hong Kong-listed subsidiary of state-owned State Power Investment, has agreed to buy RMB 7.5 billion ($1.12 billion) worth of clean-energy projects from its parent, reports the South China Morning Post.
The injection of the wind, solar, biomass, and waste-to-energy projects amounts to 2.15 gigawatts of generating capacity—7.4% of CPID’s total capacity at the end of last year. This would help the company meet its goal of having over 70% of its total capacity and over half its revenue come from clean energy by the end of next year.
“The acquisition of clean-energy assets such as wind, photovoltaic and environmental-power assets … will further increase the proportion of clean energy assets in the group’s power-generation portfolio, in line with its strategies,” CPID said in a filing to Hong Kong’s bourse late on Sunday.