China Resources Power buys coalmines, renewables

The countrys fourthlargest listed power company by market value is expected to buy 21 coal mines in Shanxi capital Taiyuan with total production capacity of more than 7 million tonnes a year and consolidate them into 13 mines, Chief Executive Officer Wang Shuai Ting told Reuters in an interview.

This will come after its purchase of 39 coalmines in Shanxi last year via joint venture Shanxi China Resources Liansheng Energy, as CR Power aims to secure coal supplies and cut costs.

The company will also invest 8 billion yuan US $1.17 billion to 10 billion yuan annually in renewable energy over the next three to five years and boost renewable energy to account for 15 percent of its energy mix, up from 4.7 percent now, Wang said on the sidelines of a regional power conference.