Huaneng Power to buy out Singapore's Tuas Power for US$3 bln

China's Huaneng Power<600011><902> successfully stood out in a bid for buying out Singapore's electricity producer Tuas Power, a unit of Singapore's state-owned investment company Temasek Holdingso for as much as US$3 billion.

But the two parties have not inked any legally binding documents yet. Huaneng Power needs to finalize with Temasek on how to fulfill payments and other conditions, with the result released as earlier as late today.

Tuas has a total electricity generating capacity of 2,670 MW and is the first of three power firms Temasek is selling out of the Singaporean government's plan to liberalize its energy market.

China's power enterprises are extending expansion in Asia market. Last December, State Grid Corp of China, the nation's largest electricity transmission company, won a 25-year power operation licence in the Philippines by investing US$3.95 billion.