Renewable Energy Asia Group acquires 49% of Huaishuo wind farm

For RMB48mln, REA Group will acquire Nantong Huaishuo Investment Co Ltd which owns 49% of the wind farm developer, Datang Baotou Asia Electricity Co Ltd.

The completed wind farm in Huaishuo town in Baotou, Inner Mongolia began generating electricity in October 2010 and has a total capacity of 49.5 MW.

The remaining 51% of the wind farm is held by China Datang Renewable Power Co Ltd, a subsidiary of China Datang Corp, the PRC’s largest state-owned power producer by installed capacity.

Mr Xu Jian, Chairman of REA, said, “The acquisition is in line with the Group’s partnership strategy with China Datang as we seek to develop our business in wind farm development. This is the first wind farm that we will be operating together, and we look forward to developing other wind farms with them in the future.”

Expected to be completed within five working days, the acquisition will be funded by the proceeds of REA Group’s recent share placement.