Date
24 November 2017
CLP  plans to tap wind power and solar energy in mainland China with clean energy projects. Meanwhile, it's scaling back capacity in Australia. Photo: HKEJ
CLP plans to tap wind power and solar energy in mainland China with clean energy projects. Meanwhile, it's scaling back capacity in Australia. Photo: HKEJ

CLP to close some Australian plants

CLP Holdings Ltd. (00002.HK), the other half of Hong Kong’s power duopoly, is denying plans to sell its Australian assets, the Hong Kong Economic Journal reported Wednesday.

Instead, the company will reduce capacity in the country by closing some plants, the report said, citing chief executive Richard Lancaster.

The move is in line with demand for electricity in the country, he said.

Media reports earlier said CLP was in talks with private equity firms for a potential sale of its Australian assets.

The reports followed the shutdown of its Wallerawang plant in New South Wales last year after six years of shrinking demand.

The problem was blamed on uncertainties over a government policy on the development of renewable energy and resources.

CLP is looking to shift its focus to China and India, both important growth drivers, the report said.

Lancaster said CLP plans to harness wind power and solar energy in the mainland with clean energy projects.

Translation by Vey Wong

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