Huaneng Group to invest RMB 60 bln in Gansu Province

China Huaneng Group, the nation's largest coal-fueled power generator said on Monday it has inked a strategic cooperative agreement during the weekend to invest more than RMB 60 billion (US$8.46 billion) into northwestern province of Gansu.

The investment will be mainly used in the development and construction of energy projects in the province, such as coal and electric power to boost the development of relevant industries, including railway and chemical, the company said.

Huaneng Group is the parent of Huaneng Power International Inc<600011><902>, China's biggest listed power producer by installed capacity.

By last year end, the installed capacity of Huaneng Group accumulated to 71.57 GW, among which, Gansu Province contributed 1.2 GW.

Last week, the Chinese power giant agreed to buy Singapore's Tuas Power Ltd from Temasek Holdings Pte Ltd, a state investment fund company in Singapore at the cost of US$3.07 billion.