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.
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