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RTHK: CLP buys stakes in two Exxon Mobil units

from RTHK English news:

CLP has agreed to pay HK$12 billion to increase its ownership of Castle Peak power station from 40 percent to 70 percent, giving the power company control of the facility.

It will buy the 30 percent stake from existing shareholder Exxon Mobil which will also sell its remaining 30 percent stake to China Southern Power Grid.

CLP has also agreed to buy the remaining 51 percent stake in Hong Kong Pumped Storage Development from Exxon Mobil for HK$2 billion, making the unit a wholly-owned subsidiary.

CLP said the transactions will help the company better manage the co-ordination of its Hong Kong generation business with its transmission and distribution operations.

The transactions are scheduled to be completed in the middle of next year.

19 Nov 2013

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