China Re Inflatable castles sources Power to further develop renewable energy

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China Re Inflatable castles sources Power to further develop renewable energy
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China Resources Power to further develop renewable energyPublished: 19 May 2009 18:35:53 PST

Top 5 News From ChinaKnowledge.comTaiwan to set up petrochemical zone in QuanzhouIndustrial Bank approved to issue RMB 68 bln in bondsHenderson Land Development aims to raise HK$5 blnJPMorgan cuts shareholding in R&F Properties to 9.88%Sichuan Hongda to invest RMB 960 mln in chemical projectsMay. 20, 2009 (China Knowledge) – China Resources Power Holdings Co Ltd (CR Power)<0836>, a subsidiary of conglomerate China Resources Holdings, will further develop its alternative energy assets to meet the country’s demand on cleaner energy, the Standard reported.

Renewable forms of energy will account for around 4.5% of the company’s total generating capacity by 2010, compared with the current 1%, said CFO Wang Xiaobin, adding CR Power expects to cut coal-generated power to 63% of the company’s total electricity output and raise hydropower up to 30% of its total power generation by 2020.

Wind power, which provides a stable stream of income, will account for 3% of the company’s portfolio by 2020, while nuclear power will take 4%, according to Wang.

Wang also said that the company’s contract coal this year will be reduced to 80% from 90% of 2008.

According to China Knowledge’s earlier report, CR Power plans to invest RMB 1 billion to build a 100,000 kW wind power farm in Fuxin City of Northeastern China’s Liaoning Province.

The Hong Kong-listed company plans to build wind power farms with a total capacity of between 300,000 and 500,000 kW in the next three years.

Shares of CR Power dipped 0.1% to close at HK$15.82 on Tuesday.

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