Datang International Power Generation Co., Ltd. (SHA:601991, HKG:0991) announced that it entered into the investment agreement with Shaoxing Thermal Power Generation Company to establish the Jiangbin Thermal Power Generation Company for the purposes of constructing and operating the Jiangbin Gas Thermal Power project.

The Company and Shaoxing Thermal Power Generation Company agreed to make capital contributions in the sum of RMB540 million and RMB60 million, respectively, to set up the Jiangbin Thermal Power Generation Company in the proportions of 90% and 10%, respectively. The Company and Shaoxing Thermal Power Generation Company agreed to provide guarantees to Jiangbin Thermal Power Generation Company's financing for project construction in proportion to their respective capital contributions.

The Jiangbin Gas Thermal Power Project is located in the central part of the Southern Industrial Park in Jiangbin District, Binhai New Town, Shaoxing City, Zhejiang Province, and involves the construction of four sets of gas-steam cycle thermal power cogeneration units. In the first phase of the project, two sets of 452 MW generating units with a total installed capacity of 904 MW will be constructed. In December 2011, the project was approved by the National Development and Reform Commission of Zhejiang Province.

Source:chinesestock.org