Three Gorges Renewables to Invest 340 Million Yuan in Qinghai Venture, Holding 34% Stake
China Three Gorges Renewables announced plans to jointly establish Three Gorges Group Qinghai Energy Investment Co. , Ltd. with a subsidiary of its controlling shareholder. The company will contribute 340 million yuan in cash for a 34% stake in the new entity. The transaction constitutes a related-party transaction under applicable rules.
Three Gorges Renewables has announced that it plans to jointly establish Three Gorges Group Qinghai Energy Investment Co. , Ltd. with a subsidiary of its controlling shareholder, with both parties contributing capital in cash. According to the announcement, Three Gorges Renewables intends to contribute 340 million yuan, representing a 34% equity stake in the new company. The transaction constitutes a related-party transaction.