On March 14, 2008, China Huaneng Group (“Huaneng”) announced that Zhongxin Power Co., Ltd., a wholly-owned subsidiary of Huaneng in Singapore, had entered into an agreement with Temasek on acquiring 100% of the shares of Tuas Power Ltd. (“Tuas”) at the price of 4.235 billion SGD (equal to about 3 billion USD). To this end, Huaneng had invested 985 million USD in Zhongxin.

By acquiring Tuas, Huaneng came into possession of its 2,670MW of installed capacity to become an important participant of Singaporean power generation and retail market. The generating assets of Tuas include natural gas combined cycle generator sets and oil-fired generator sets featuring advanced equipment and high level of environmental protection.