HONG KONG — China Huaneng Group has agreed to buy a 50 percent stake in U.S.-based power utility InterGen from India’s GMR Infrastructure Ltd for US$1.2 billion, Bloomberg reported citing two people with knowledge of the deal. China Huaneng Group is also considering to buy the remaining stake in InterGen from Ontario Teachers’ Pension Plan but no agreement has been reached, the report said. The Chinese company’s officials were not immediately available for comment. China Huaneng Group, a major shareholder of Huaneng Power International , was leading the race to acquire GMR Infrastructure’s 50 percent stake in InterGen for about US$1.5 billion, according to media report.
InterGen owns power plants in the United Kingdom, Australia, the Netherlands, Mexico and the Philippines.