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Hydro-Québec International (HQI), a wholly owned subsidiary of Hydro-Québec, announces the sale of its 20% stake in its Chinese subsidiary Meiya Power Company Limited (“MPC”) to Hong Kong-based Darby Asia Investors Ltd. for $US84.6 million.
The sale of this stake represents a profit for Hydro-Québec of US$12.9 million, or C$17.1 million.
“HQI’s investment in Meiya paid off very well,” said François Dell'Aniello, Manager, International Development, at HQI (Production). “It shows that when international operations, including professional services, are well managed, they bring added value to Hydro-Québec’s balance sheet, while demonstrating to the world Québec’s unique expertise in hydroelectricity.”
Hydro-Québec International acquired its stake in Meiya, which is headquartered in Hong Kong, in 1999, in partnership with the firms PSEG China, a subsidiary of Public Service Enterprise Group, based in New Jersey (USA), and Asia Infrastructure Fund (AIF), an investment company formed by International Finance Corporation (IFC), a World Bank subsidiary, and the Asian Development Bank (Manila, Philippines) among others.
Over the years, Meiya invested in many power generation projects. At the time of the sale, HQI had a portfolio of 17 projects in Asia, including 15 in China, one in Taiwan and one in South Korea.
With the Meiya sale, the international assets of Hydro-Québec’s Production division are now concentrated in Latin America, i.e. an interest in a subsidiary that owns the Fortuna generating station in Panama (300 MW), and in Costa Rica (10.6 MW).
In addition to these investments, HQI (Production) is active in the sale of professional services, with contracts in Poland for water management, as well as in Russia, Latin America (Venezuela, Panama), Asia (China, Vietnam) and Africa.
Hydro-Québec International (HQI), a wholly owned subsidiary of Hydro-Québec, announces the sale of its 20% stake in its Chinese subsidiary Meiya Power Company Limited (“MPC”) to Hong Kong-based Darby Asia Investors Ltd. for $US84.6 million.
The sale of this stake represents a profit for Hydro-Québec of US$12.9 million, or C$17.1 million.
“HQI’s investment in Meiya paid off very well,” said François Dell'Aniello, Manager, International Development, at HQI (Production). “It shows that when international operations, including professional services, are well managed, they bring added value to Hydro-Québec’s balance sheet, while demonstrating to the world Québec’s unique expertise in hydroelectricity.”
Hydro-Québec International acquired its stake in Meiya, which is headquartered in Hong Kong, in 1999, in partnership with the firms PSEG China, a subsidiary of Public Service Enterprise Group, based in New Jersey (USA), and Asia Infrastructure Fund (AIF), an investment company formed by International Finance Corporation (IFC), a World Bank subsidiary, and the Asian Development Bank (Manila, Philippines) among others.
Over the years, Meiya invested in many power generation projects. At the time of the sale, HQI had a portfolio of 17 projects in Asia, including 15 in China, one in Taiwan and one in South Korea.
With the Meiya sale, the international assets of Hydro-Québec’s Production division are now concentrated in Latin America, i.e. an interest in a subsidiary that owns the Fortuna generating station in Panama (300 MW), and in Costa Rica (10.6 MW).
In addition to these investments, HQI (Production) is active in the sale of professional services, with contracts in Poland for water management, as well as in Russia, Latin America (Venezuela, Panama), Asia (China, Vietnam) and Africa.
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