CLP Divests 40% of India Operation; No Impact on FVE of HKD 84
Narrow-moat CLP will divest a 40% stake in its India operation to Quebec pension fund CDPQ for INR 26.4 billion (HKD 2.7 billion, or around 1% of market cap). The India operation consists of two thermal power plants and renewable generation assets in solar and wind. The partial divestment was not surprising, given some of the challenges in the India market. Overcapacity in the electricity market more than offset the increase in demand, though conditions improved last year. Operationally, difficu...CLP Holdings is an investment holding company. Through its subsidiaries, Co. operates five geographical regions, Hong Kong, Mainland China, India, Southeast Asia and Taiwan, and Australia. In Hong Kong, Co. generates, distributes and provides electricity supply. In china, Co. produces power with a focus on clean and low-carbon energy, including nuclear and renewables. In India, Co. has a diversified generation portfolio comprising coal, gas and renewable energy. In Southeast Asia and Taiwan, Co. has interests in Taiwan's Ho-Ping Power Station and Lopburi solar project in Thailand. In Australia, Co.'s asset portfolio includes coal, gas and wind generation and gas storage facilities.
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