Shajiao Coal-Fired Power Plant C

cancelled

Shajiao plant C's capacity is 1980-MW (3x660-MW) and it has been operational since 1995. It was owned by Guangdong Guanghope Power Co., a joint venture between Guangdong General Power Co. (73%) which was a unit of Guangdong Province, and Consolidated Electric Power Asia Ltd. (27%), previously Hopewell Holdings, which is 80% owned by Mirant (formerly known as Southern Energy). Wardley Ltd. arranged a $750 million financing package involving 36 international banks (7.5 years maturity). The remainder was financed via equity, shareholder loans, and revenue from early operation before full completion. All finance was arranged in foreign currencies. The turnkey contracts were awarded to GEC-Alsthom (turbines), ABB Combustion Engineering (boilers), and Slipform (civil engineering). Coal is being supplied to the station under an agreement with Chinese authorities. Southern Energy renamed itself Mirant Corporation in 2000. In December of 2002, Mirant closed the $300-million sale of its 33% share to state-owned China Resources Power Holding Co.. After Mirant sold its stake, the project became 100% state owned. Mirant used $254-million in proceeds from the sale to pay off a loan for its Asian subsidiary. Mirant had no assets left in China following the sale. None None