Foreign investors back Jiangxi power projects

Japan's Nippon Power Development, Electricite de France, US-based AES and Taiwan Gas and Power signed agreements to invest nearly US$700 million in Jiangxi province power plants. Jiangxi vice-governor Wu Xinxiong said the investment would help expand the province's electricity generating capacity from 6,500 megawatts (mW) to 10,000 mW in 2007 and up to 13,000 mW by 2010. He said the province needed an extra 500 mW just to meet current demand. AES, the biggest investor in the latest run of announcements, agreed to pay US$101.2 million for an undisclosed stake in a 400 mW plant, and invest a further US$360 million to build a 1,200 mW US$600 million plant. Nippon Power agreed to invest US$150 million in a new 1,200 mW, US$600 million project.