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SPIC Signs Share Purchase Agreement to Acquire 100 Percent of Pacific Hydro

(2015-12-18) Click:6075

State Power Investment Corporation (SPIC) entered into an equity transfer agreement in Beijing on Dec. 17 to acquire the entire equity interest in Pacific Hydro, an Australia-based renewable energy company. Pacific Hydro has broad portfolio of 19 wind farms and hydropower projects in Chile, Australia and Brazil, with the total installed capacity of 900 MW.

The agreement was signed by Wuling Power General Manager Deng Zhihua on behalf of SPIC, and Mr. Kyle Mangini, head of IFM Global Infrastructure Fund.

SPIC President Wang Binghua, General Manager Meng Zhenping, Vice General Manager Ma Lu and heads from SPIC departments and State Nuclear Power Technology Company (SNPTC) attended the signing ceremony.

At the signing ceremony, President Wang highly praised the efficient preparations of both parties for this acquisition. He remarked that SPIC will maintain Pacific Hydro operation in a stable way and further support its development; meanwhile, Pacific Hydro is expected to subordinate to SPIC leadership and overcome challenges, to win fruitful results for the shareholders.

General Manager Meng pointed out that the acquisition is of strategic significance for SPIC’s development. With the leadership of the Board, SPIC managers will give full supports to Pacific Hydro’s development.

Mr. Kyle Mangini regarded the ceremony as a good start to prosperity, wishing an expanded cooperation between the two parties.

After the ceremony, both parties held negotiations on follow-up affairs and 2016 business plan under the organization of Wuling General Manager Deng Zhihua. 

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