Guangdong Electric Power Development (000539.SZ) intends to acquire 7.463 billion yuan worth of power generation assets from controlling shareholder, Guangdong Electric Power Group, reports yicai.com, citing a company filing.

The assets will be paid for through the issuance of 1.58 billion shares to Guangdong Electric Power Group at 4.79 yuan per share.

The assets to be acquired include a 60 percent stake in Shenzhen Guangqian Power, a 35 percent stake in Huizhou Natural Gas Power, a 40 percent stake in Shipishan Power Development, a 45 percent stake in Pinghai Power Plant, a 40 percent stake in Honghai Bay Power Plant, a 20 percent stake in Huayue Diantaishan Power Generation, and a 15 percent stake in Power Industrial Fuel.

After the asset restructuring, the company’s sales revenue is expected to hit 3.22 billion yuan next year, a 26.45 percent year-on-year increase from 2011. Net profit attributable to shareholders is projected to increase 5.42 percent year-on-year to 882 million yuan in 2012.

Guangdong Electric Power currently has installed power generation capacity of 6.58 million kilowatts. The assets to be acquired will add installed capacity of 5.07 million kilowatts.

Guangdong Electric Group said it will inject all of its power generation assets into the listed company over the next five years.