China Daily reported that Huaneng Power International Inc China largest listed power producer got a SGD 3.2 billion bank loan to fund its acquisition of Tuas Power in Singapore.

Under an agreement signed yesterday, Huaneng will get SGD 2.8 billion loan from Bank of China and SGD 400 million loan from China Construction Bank. The company will mainly use the money to pay for the loan it had borrowed from overseas banks for the deal last year.

Huaneng paid SGD 4.24 billion to buy Singapore Tuas Power Ltd in March 2008. It was Huaneng first 100% stake purchase in an overseas company.

Mr Cao Peixi chairman of Huaneng Power International Inc said "Acquiring Tuas is an important step in Huaneng overseas strategy. He said that with the help of domestic banks the company could better achieve its overseas development targets.”

Tuas Power is one of the three main power producers in Singapore. At present, the company operating capacity is 2,670 MW accounting for 26% of Singapore total power capacity.

(Sourced from China Daily)