China Hydroelectric Corp has closed the previously announced sale of 100% of the Yuanping hydroelectric power project located in Fujian province, to You Lang Fei.
China Hydroelectric has sold the 16MW power project, for total consideration of $22.2m, resulting in $11.3m net proceeds to the company after the assumption of debt by the buyer.
The sale of the Yuanping hydroelectric power project was announced on 6 December 2011.
China Hydroelectric is an owner and operator of small hydroelectric power projects in the People's Republic of China.
Led by an international management team, the company's primary business is to identify, evaluate, acquire, develop, construct and finance hydroelectric power projects.