China Huaneng Group, China's leading power group, bought 24 per cent of the shares of Guangdong Yuedian Group with 10.032 billion yuan in Guangzhou yesterday (Dec. 28).

"This is a strategic cooperation between national state-owned-enterprises (SOEs) and Guangdong' SOEs, and the move reflects Guangdong government's intention to diversify ownership of its SOEs and will speed up the development of Yuedian", said Zhong Yangsheng, Executive Vice Governor of Guangdong Province.

"We will cooperate further to ensure stable, economical and clean energy supplies to Guangdong." said Huaneng President Li Xiao Peng. 

Huaneng runs power stations in 23 provinces and cities with an installed capacity of 43.21 million kilowatts in 2005, or about 9 percent of China's total.

By 2005, Yuedian had 60 subsidiaries, with businesses in thermal, hydro and nuclear power, and in coal production and transportation. Its total installed capacity reached 11.33 giga-watts.

Editor: Yan