Mianyang - Units 2 and 3

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Meiyang Sanjiang Meiya Hydropower Company Limited (MSMHCL) was created to build and operate a 45-MW hydro plant in Sichuan Province. MSMHCL was a joint venture between Meiya Power Co. Ltd. (75%) and the state-owned Mianyang Sanjiang Construction Corp. (25%). The first 15 MW Unit began operations in December 2003. Unit 2 was scheduled for commercial operations in June 2004 and Unit 3 was scheduled for August 2004. The electric power was to be purchased by the state-owned Sichuan Provincial Electric Power Company with annual purchase quantity being established based on expected provisional electric demand. The total cost of the project was expected to be US$30 million and provided by non-recourse debt funds arranged by a Shenzhen Development Bank loan and equity funds from MPC. MPC was jointly owned by PSEG Global Inc (50%), the Asian Infrastructure Fund (30%), and Hydro-Quebec International (20%). In July 2004, Darby Asia Investors, Ltd. ("DAI"), acquired Hydro-Quebec's 20% stake for a total cash consideration of US$84.6 million.