Guodian to invest $3b in Hainan

China Guodian Corp, one of the five largest power producers in China, has signed agreements with the Hainan provincial government to invest RMB20 billion (US$3 billion) in the province by the end of the 12th Five-Year Plan. Hainan will support Guodian in developing thermal, solar, wind and nuclear and hydropower on the tropical island. 
A joint venture called Guodian Haikong New Energy Development will be set up between Guodian and Hainan Development Holdings.
Hainan will allocate land for the joint venture as government investment and will support Guodian in the development of the Hongling Water Project. The provincial government will inject RMB1 billion into the project to finance demolition and resettlement costs.
CapitalVue reports the Hainan government will also support the joint venture in setting up an LNG power plant which will be put into operation in 2013.