China Hydroelectric Corp acquires 44MW hydro project
China Hydroelectric Corporation, a company that owns, develops and operates small-scale hydroelectric power projects throughout the People’s Republic of China (PRC) has agreed to acquire 100 percent of the Xiaopengzu hydroelectric power project. The installed capacity of the project, located in Yunnan province of the PRC, totals 44 megawatts. With this acquisition, the total installed capacity of the company is increased to 493.4 megawatts.
The equity purchase price of the project was $35 million, which an assumed debt of $22 million. The company is currently refinancing existing bank debt, and anticipates obtaining an additional $13 million in non-recourse bank debt from the Bank of China Fujian Branch. The execution of the definitive agreement for this acquisition was announced in February of 2010.
China Hydroelectric Corporation is also currently working toward the finalization of the acquisition of the Taiyu projects, in which the company has entered into a memorandum of understanding. The company has made down payments for the Taiyu projects memoranda, which includes penalties should the seller cancel the transaction. Subject to the satisfactory completion of its due diligence review, the company expects to enter into a definitive agreement for the acquisition and financing of these projects in the near future.
"We are pleased [about] the acquisition of the Xiaopengzu project in Yunnan province," stated Chairman & CEO John D. Kuhns of China Hydroelectric Corporation. "This acquisition significantly increases our total installed capacity and Yunnan province, where we already own and operate 114 megawatts of capacity, presents an excellent opportunity to expand our asset base in China. Our ability to acquire hydroelectric power projects has accelerated as a result of our January 2010 IPO and our favorable loan framework agreement with the Bank of China's Fujian branch."
All but two UK regions failing on school energy efficiency
Most schools are still "treading water" on implementing energy efficient technology, according to new analysis of Government data from eLight.
Yorkshire & the Humber and the North East are the only regions where schools have collectively reduced how much they spend on energy per pupil, cutting expenditure by 4.4% and 0.9% respectively. Every other region of England increased its average energy expenditure per pupil, with schools in Inner London doing so by as much as 23.5%.
According to The Carbon Trust, energy bills in UK schools amount to £543 million per year, with 50% of a school’s total electricity cost being lighting. If every school in the UK implemented any type of energy efficient technology, over £100 million could be saved each year.
Harvey Sinclair, CEO of eEnergy, eLight’s parent company, said the figures demonstrate an uncomfortable truth for the education sector – namely that most schools are still treading water on the implementation of energy efficient technology. Energy efficiency could make a huge difference to meeting net zero ambitions, but most schools are still lagging behind.
“The solutions exist, but they are not being deployed fast enough," he said. "For example, we’ve made great progress in upgrading schools to energy-efficient LED lighting, but with 80% of schools yet to make the switch, there’s an enormous opportunity to make a collective reduction in carbon footprint and save a lot of money on energy bills. Our model means the entire project is financed, doesn’t require any upfront expenditure, and repayments are more than covered by the energy savings made."
He said while it has worked with over 300 schools, most are still far too slow to commit. "We are urging them to act with greater urgency because climate change won’t wait, and the need for action gets more pressing every year. The education sector has an important part to play in that and pupils around the country expect their schools to do so – there is still a huge job to be done."
North Yorkshire County Council is benefiting from the Public Sector Decarbonisation Scheme, which has so far awarded nearly £1bn for energy efficiency and heat decarbonisation projects around the country, and Craven schools has reportedly made a successful £2m bid (click here).
The Department for Education has issued 13 tips for reducing energy and water use in schools.