Huaneng buys into Australian plants

China Huaneng, one of the nation's five largest electricity generating firms, agreed to pay US$227 million for a 50% share of OzGen, an Australian subsidiary of Boston-based InterGen.

OzGen holds 50% stakes in two modern power plants in Queensland, Australia.

The deal is the first instance of Chinese companies acquiring major overseas assets in the power-generating sector and comes as US companies are withdrawing investment in the region.

Huaneng Group's chairman and president is Li Xiaopeng, the son of former Premier Li Peng.