Wuxi Huada Power

concluded

This power plant has a generating capacity of 40-MW with an extension by 40-60MW already underway, situated in the State High Technology Development Zone of Wuxi City. It is owned and operated by Wuxi Huada Gas Turbine Electric Co., a joint venture between Coastal Power Production (60%), Wuxi New Energy Investment Co. (20%) (a subsidiary of the local power bureau) and China National Aero-Engine Corp. (20%). Coastal Power's internal funds funded the plant entirely, but the company is expected to refinance the project. The plant went into operation in December 1995. Electricity will be sold to the Wuxi City Power Bureau under the terms of a 15 year take-or-pay contract. In its fiscal year 1997, MIGA issued two guarantee contracts totaling $13.5 million to cover Coastal Wuxi Power's equity and debt investments against the risks of expropriation, transfer restriction, and war and civil disturbance. In 2001, El Paso Corporation acquired Coastal Power along with Coastal's 60% stake in Wuxi Huada Power. In 2005 El Paso Corporation sold its investments in power plants in China to GP China Limited, a subsidiary of Malaysian Genting Group.