China Resources Power to acquire stake in offshore wind farm

China Resources Power Holdings Co, the third-largest Hong Kong-listed Chinese generator, announced Tuesday to acquire a 30 percent stake in an offshore wind farm company based in the United Kingdom.

The company said its total investment for the acquisition would be 600 million pounds ($803 million). For the proposed acquisition, it joined hands with its parent company — China Resources, forming a consortium.

According to CRP's announcement, it will hold a 40 percent stake in the consortium company, which, for this acquisition, will be equal to 240 million pounds. The parent firm, China Resources, will hold the remaining 60 percent.

Apart from the consortium, the other two stakeholders include Norwegian-based energy company Statoil Wind Limited, and London-based Masdar Offshore Wind UK Limited, which hold 35 percent stakes each.

The acquisition marks CRP's first attempt to invest in Europe's offshore wind power industry, expanding its overseas market.

"This is in accordance with our long term strategy," said a CRP official.

The 402-megawatt Dudgeon offshore wind farm, owned by Dudgeon Holdings Limited, is being developed in the UK North Sea, approximately 32 kilometers off the coast of Cromer in North Norfolk. Once completed, it will be one of the world’s biggest offshore wind farms.