19 May 2008

China Power New Energy ups renewable capacity target

Reporting by Judy Hua and Joanne Chiu; Editing by Anne Marie Roantree

HONG KONG, May 19 (Reuters) - China Power New Energy Development Co Ltd (0735.HK: Quote, Profile, Research) has raised its renewable energy capacity targets by a half as Beijing pushes to clean up its air and water and whittle down its reliance on imported resources.

By 2010, China Power New Energy, steered by the daughter of former Premier Li Peng, plans to put into operation 1,500 megawatts (MW) of renewable energy capacity -- including wind, hydropower and biomass -- have another 1,500 MW under construction and have a further 1,500 MW in the pipeline, Chief Executive Officer Liu Genyu said.

Those are 50 percent higher than the company's original target of having 1,000 MW of renewable energy capacity on stream, 1,000 MW under construction and another 1,000 MW in the pipeline.

The renewable energy firm has bought several power assets from its parent, China Power Investment Corp, over the past year and Liu said it was eyeing more asset injections, mainly wind power and medium-and-small-sized hydropower. ($1=6.990 Yuan).

© Thomson Reuters 2008.

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