Renewable energy projects developer China Hydroelectric has completed the sale of its 30MW Yuheng hydro project in RMB279m ($44.3m) deal.
The acquisition agreement for project located in Fujian province was struck in October 2012. The agreement also included assumption of debt by the buyer.
Following the assumption of debt by the buyer, as per the terms of agreement, the net proceeds totaled $20.8m.
Commenting at the time of agreement, China Hydroelectric board chairman Amit Gupta stated that the sale of the project aids the company in fixing its current liquidity situation, besides reaffirming underlying value of its assets.
With this move, the company’s total installed power capacity decreased by 517.8MW. Meanwhile, the company currently owns 25 operating hydropower stations in China across four provinces – Zhejiang, Fujian, Yunnan and Sichuan.