Slaughter and May advised China Power New Energy Development Company (CPNE) in relation to its acquisition of the entire issued share capital and a shareholder loan of Power Will Investment Limited (Power Will) for a total consideration of RMB166 million (approximately US$27 million). The acquisition was announced on 28 January 2014 and constitutes a disclosable transaction under the Hong Kong Listing Rules.

CPNE is principally engaged in the development, construction, ownership, operation and management of clean energy power plants in the PRC. The CPNE group is also engaged in investment holding in the clean energy power industry and property investments.

Power Will holds a 9.9% interest in Dongguan China Power New Energy Heat and Power Company Limited (Dongguan Heat and Power), which operates a natural gas power generating plant in Dongguan in China. Together with the pre-existing 90.1% interest of CPNE in Dongguan Heat and Power, Dongguan Heat and Power became an indirect wholly-owned subsidiary of CPNE after completion of the acquisition.

CONTACTS

Corporate: Benita Yu (partner), Kevin Ip (associate)