China Knowledge reported that Guangdong Electric Power Development Co will spend CNY 90 million to acquire a 10% stake in an onshore wind power project in Zhuhai, Guangdong Province.

The project will be developed by a consortium led by China Southern Power Grid, the country second-biggest power transmission company, said a person familiar with the matter, adding that the joint operator will have a registered capital of CNY 900 million.

The onshore wind power facility which is expected to cost CNY 4.45 billion with a designed installed capacity of 198 megawatts will start construction in 2012 and go into operation in 2014.

Shenzhen-listed Guangdong Electric Power Development also estimated that its net profit attributable to shareholders for 2011 might have reached between CNY 306 million and CNY 459 million from CNY 766 million in 2010 representing a plunge of 40% to 60%.

The company attributed the sharp decline principally due to increased coal prices which caused low profit margin in several thermal power plants.

(Sourced from Interfax)