Sembcorp Industries has formed a joint venture with Chongqing Energy Investment Group’s subsidiary to invest in a mine-mouth 1,620-megawatt coal-fired power project in Chongqing municipality.
Sembcorp’s unit, Sembcorp (China) Holding Co, holds 49% stake in the joint venture, ChongQing SongZao Sembcorp Electric Power. Chongqing Songzao Coal and Power, a subsidiary of Chongqing Energy Investment Group, holds the remaining stake.
Owned by the Chongqing Municipal Government, Chongqing Energy Investment Group is the largest energy production and supply group in Chongqing.
Approvals from the relevant Chinese authorities were obtained for the formation of the joint venture.
Sembcorp has injected equity, amounting to around RMB925 million ($202 million), for its stake in ChongQing SongZao Sembcorp Electric Power, and this amount is financed by internal funds.
ChongQing SongZao Sembcorp Electric Power operates an existing 300-megawatt coal-fired power plant and is currently building an adjacent 1,320-megawatt coal-fired power plant in Qijiang District, Anwen Town.
Construction of the plant will utilise "supercritical technology" and be one of the most efficient power plants in Chongqinq. It is over 50% completed and expected to commence commercial operation by 1Q2017.
The total investment value of the two power plants will be approximately RMB6 billion, which is financed by a combination of equity and on-shore long-term financing.
The plants are the only mine-mouth coal-fired power plants in Chongqing. Sembcorp says this strategic location brings about significant savings in total cost for the delivered coal, enabling the joint venture to be a low cost power producer.
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Sembcorp’s unit, Sembcorp (China) Holding Co, holds 49% stake in the joint venture, ChongQing SongZao Sembcorp Electric Power. Chongqing Songzao Coal and Power, a subsidiary of Chongqing Energy Investment Group, holds the remaining stake.
Owned by the Chongqing Municipal Government, Chongqing Energy Investment Group is the largest energy production and supply group in Chongqing.
Approvals from the relevant Chinese authorities were obtained for the formation of the joint venture.
Sembcorp has injected equity, amounting to around RMB925 million ($202 million), for its stake in ChongQing SongZao Sembcorp Electric Power, and this amount is financed by internal funds.
ChongQing SongZao Sembcorp Electric Power operates an existing 300-megawatt coal-fired power plant and is currently building an adjacent 1,320-megawatt coal-fired power plant in Qijiang District, Anwen Town.
Construction of the plant will utilise "supercritical technology" and be one of the most efficient power plants in Chongqinq. It is over 50% completed and expected to commence commercial operation by 1Q2017.
The total investment value of the two power plants will be approximately RMB6 billion, which is financed by a combination of equity and on-shore long-term financing.
The plants are the only mine-mouth coal-fired power plants in Chongqing. Sembcorp says this strategic location brings about significant savings in total cost for the delivered coal, enabling the joint venture to be a low cost power producer.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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