Huaneng on the prowl for assets

Electricity producer Huaneng Power International Inc (Huaneng) is spending 8.625 billion yuan to acquire electricity, mining and port assets to expand its geographical coverage.

Beijing-based Huaneng plans to buy power, mining and port operators in Yunnan, Shandong and Fujian provinces from Shandong Electric Power Corp and Shandong Luneng Development Group Co, it said in a statement to the Hong Kong bourse.

The acquisition would help further strengthen the company's position in the power market in Shandong province. It will also help the company to enter the market in Yunnan province, said the statement.