November 1, 2016 / 2:28 AM / in a year

Hong Kong's CLP bids for CGN's stake in China nuclear power firm

HONG KONG, Nov 1 (Reuters) - CLP Holdings Ltd said it had put a bid for a 17 percent stake in nuclear power station operator Yangjiang Nuclear Power Co. Ltd. as the Hong Kong power supplier expands its investment in nuclear power generation in China.

Earlier in October, CGN Power Co Ltd said it intended to sell its 17 percent equity interest in Yangjiang Nuclear for 5 billion yuan ($738 million).

“An investment in nuclear power generation would be in line with our intention to progressively reduce the carbon intensity of our generation portfolio,” CLP said in a filing late on Monday. It gave no further details.

Yangjiang Nuclear constructs and operates Yangjiang Nuclear Power Station in China’s Guangdong province, of which three 1,086 megawatts generating units are in commercial operation while another three generating units are under construction.

CLP shares rose 0.6 percent to their highest since Oct. 25, while CGN stocks climbed 0.9 percent.

$1 = 6.7743 Chinese yuan Reporting by Donny Kwok; Editing by Sherry Jacob-Phillips

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