(Yicai Global) Oct. 11 -- Fujian Energy Group Co. [SHA:600483] has spent USD149 million (CNY983 million) to take 20 percent of the equity in China Resources Power (Wenzhou) Co. and 51 percent equity in China Resources Power (Liuzhi) Co., both sold by China Resources Power Holdings Co. [HK:0836].

Of these, China Resources (Liuzhi) will be included in the company's consolidated financial statements.

These purchases come pursuant to a project currently underway to develop a thermal power plants with one of the largest unit capacities in China's southwestern Guizhou province -- an installed capacity of 1,320 megawatts (MW). Its estimated annual on-grid energy is 5.3 billion kilowatts per hour. The scale of the installed capacity of China Resources (Wenzhou) project is 2,000MW.

The acquisition of 20 percent equity in China Resources (Wenzhou) and 51 percent equity of China Resources (Liuzhi) will help the Company to extend its business matrix beyond the province, fortify and enhance its main business, and raise the company's business scale and profitability, per the announcement. The equity transfer from China Resources (Liuzhi) and China Resources (Wenzhou) is necessary for the company to satisfy regulatory approval and filing procedures, the announcement explained.