China Resources Power and Black Spade Capital sign a strategic joint venture cooperation agreement; teaming up to create an environmentally friendly world

Jan 21, 2019 10:04 JST

With environmental protection in mind and capitalizing on the competitive edges of each side, the two companies join force to diversify new energy businesses and promote the green world, expanding into the new energy market in the Greater Bay Area

HONG KONG, Jan 21, 2019 - (ACN Newswire) - China Resources Power Holdings Company Limited ("CR Power"; stock code: 836.HK) and Black Spade Capital Limited ("Black Spade") held a joint venture cooperation agreement signing ceremony at the headquarter of CR Power, initiating the cooperative relationship based on the shared belief of serving the communities by the formation of China Resources Black Spade New Energy Limited ("CR Black Spade"). The new company, which will be jointly owned and funded by both sides, aspires to promote new energy development and to fulfil its social responsibilities as a good corporate citizen.

A signing ceremony between Black Spade Capital Limited and China Resources Power Holdings Company Limited on establishment of strategic joint venture cooperation agreement between both parties. Front row: Ms Wang Xiaobin, Executive Director and Chief Financial Officer and Company Secretary of China Resources Power Holdings Company Limited (Left) Dr Dennis Tam, President and CEO of Black Spade Capital Limited (Right)

CR Power and Black Spade pledge to commit their own resources, database and projects to the joint venture. Riding on the competitive advantages of both sides, CR Black Spade is determined to capture an abundance of business opportunities in the sector, which in turn enhances value and creates a win-win situation for both companies.

With the rapid development of new energy, CR Black Spade will primarily focus on the Greater Bay Area at present and target at a series of new energy businesses, including photovoltaics, waste recycling and the application of advanced technologies, through a close and seamless cooperation between the two partners. The joint venture aims at developing the Hong Kong and Macao market as its first step and strives to promote sustainability to both cities.

CR Black Spade will take an active role in identifying and investing in innovative projects with environmental protection, developing clean energy and low-carbon consumption as its core objectives. Despite of new challenges, the company will undertake the mission and responsibility of protecting the ecology and envisages to further advance the development of new energy to create a greener environment around the globe.

About CR Power
China Resources Power Holdings Company Limited ("CR Power") was founded in August 2001. As a Hong Kong listed flagship subsidiary of China Resources Holdings Company Limited, CR Power is one of the most efficient and most profitable integrated energy companies in China. Its businesses cover power generation primarily in thermal, wind, hydroelectric, and solar energy, as well as distributed energy and sales of electricity. CR Power has been listed on the Main Board of the Hong Kong Stock Exchange since November 2003 (stock number: 836.HK) and became a constituent stock of the Hang Seng Index in June 2009. As at the end of 2017, CR Power's total assets amounted to HK$220.972 billion (US$28.3 billion) with an attributable operational installed capacity of 36,077 MW covering 28 provinces, municipalities and autonomous regions in China.

About Black Spade Capital Limited
Black Spade Capital Limited is an established family office managing the private investments of Mr. Lawrence Ho. Headquartered in Hong Kong, its global portfolio consists of a wide spectrum of cross-border investments as it consistently seeks to add new projects and opportunities to its investment mix. Black Spade's investment strategy maximizes coverage of geographic regions and sectors whilst maintaining a portfolio of diversified asset classes, ranging from equity, fixed income, medical technology, leisure and culture, green energy, real estate to Pre-IPO investments.

Sectors: Daily Finance, Energy, Alternatives, Daily News