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BUSINESS & TECH

Energy Giants to Form High-Powered Joint Venture

A GD Power Development Company power plant in Taizhou, Jiangzu province. GD Power and China Shenhua Energy's parent companies are in the process of merging, which will create the world's largest power company. Photo: VCG
A GD Power Development Company power plant in Taizhou, Jiangzu province. GD Power and China Shenhua Energy's parent companies are in the process of merging, which will create the world's largest power company. Photo: VCG

State-owned China Shenhua Energy Co. Ltd. has agreed to set up a joint venture with GD Power, as the two partners’ parent companies consolidate assets and prepare for a merger that will create the world’s largest power company.

Under the agreement announced in a Hong Kong stock exchange filing on Friday, coal and power producer China Shenhua and GD Power Development Co., which generates and sells electricity and heat, will each contribute equity and coal-fired power assets to the joint venture.

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