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Hubei Energy Group to fund power station in Suizhou

May. 18, 2012 (China Knowledge) – Hubei Energy Group Co Ltd<000883>, which is principally engaged in the investment, management, and development ofenergy project as well as real property project, announced yesterday it will set up a power station in Suizhou, Hubei province.

In a statement filed with Shenzhen Stock Exchange, the company said that the project will be developed in two phases with a total investment of RMB 15 billion.

The new power stations will have aninstalled capacity of 4 million kilowatts, the company added.

During the Twelve Five-Year Plan period, between 2011 and 2015, thegroup will participate in the investment and construction of Suizhou gas project with a total investment of RMB 600 million.

In 2011, the company booked RMB 9.61 billion in operation revenue, fell 15.18% YoY, and its net profit attributable to shareholders for last year plunged 42.18% YoY to RMB 599 million, sources reported.

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