Huaneng buys GMR's stake in InterGen

China Huaneng Group gains control of a global portfolio of power-generating assets after being declared the winning bidder for GMR's 50% equity interest in independent power producer InterGen.

China’s largest power company China Huaneng Group has emerged as the winner in an auction of a 50% ownership interest in Massachusetts-based power utility InterGen. The stake was sold by India’s GMR Group for $1.232 billion.

Huaneng, a Chinese state-owned enterprise, will gain access to 12 power plants in the UK, Mexico, the Netherlands, Australia and the Philippines with a total gross operational capacity of 8,146 megawatts. The other 50% of InterGen is owned by the Ontario Teachers’ Pension Plan, the largest single-profession pension plan in Canada.

GMR Group, which focuses on developing infrastructure assets, acquired the 50% interest in InterGen in October 2008 from AIG Highstar, a fund...

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