SMM News: August 28, 2020, Huaneng International Electric Power Co., Ltd. issued a notice, the company and Huaneng Group, Xi'an Thermal Institute, Qingneng Institute signed an investment cooperation agreement. According to the terms and conditions of the investment cooperation agreement, the company will jointly invest with Huaneng Group, Xi'an Thermal Engineering Institute and Qingneng Institute to set up an environmental protection technology company, which will contribute no more than 450 million yuan.
Huaneng International announcement shows that this environmental protection technology company involved in the investment is to implement the central government's important plan for environmental protection and ecological civilization construction along the Yangtze River, taking power generation from solid wastes such as garbage and sludge along the Yangtze River as a starting point. a new type of scientific and technological environmental protection industrialization company with the goal of "urban pollutant Terminator". The conclusion of the deal marks Huaneng Group's official entry into the field of environmental protection by integrating superior resources.
After the completion of this transaction, Huaneng International will hold 15% of the environmental protection technology company, Huaneng Group will hold 60% of the environmental protection technology company, Xi'an Thermal Engineering Institute will hold 15% of the environmental protection technology company, and Qingneng Institute will hold 10% of the environmental protection technology company.
Qingneng Institute is a clean energy research and development institution owned by Huaneng Group, and the controlling shareholder of Xi'an Thermal Engineering Institute is also Huaneng Group. According to Huaneng's 450 million investment and 15% equity, the contribution of the newly established environmental protection technology company will reach 3 billion.
Huaneng International is one of the largest listed power generation companies in China. According to Huaneng International's semi-annual report for 2020, Huaneng International achieved operating income of 79.122 billion yuan in the first half of this year, down 5.21% from the same period last year. The net profit belonging to shareholders of listed companies was 5.733 billion yuan, up 49.73% from the same period last year. The deduction of non-net profit belonging to shareholders of listed companies was 5.475 billion yuan, an increase of 58.03% over the same period last year. Huaneng international shares rose for eight consecutive trading days in mid-august, with a cumulative increase of more than 30%, due to favourable earnings in the first half of the year.
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