一家美国电力公司即将送走印度投资者、迎来中国投资者。全球第二大电力生产商——中国华能集团(China Huaneng Group)将向印度GMR集团(GMR Group)支付12亿美元，买下总部位于马萨诸塞州的InterGen的50%股权。
Sanford C. Bernstein分析师迈克尔•帕克(Michael Parker)告诉beyondbrics，“与许多走向海外的中国收购者不同，华能不会获取对资源或知识产权的控制权。”他认为，华能是想通过购买外国电力生产商，弥补其在国内市场上日益下滑的业绩。中国当局正试图减少经济增长的能源消耗，去年经济刺激计划所推动的能源使用量激增不太可能持续。
此举是华能自2008年以31亿美元收购新加坡大士能源(Tuas Power)以来，最大的一笔海外收购。在两周的市场传言之后，该消息于周日宣布。该交易将使华能目前的发电产能提高6%———InterGen在墨西哥、荷兰、菲律宾及澳大利亚的电厂总计拥有6312兆瓦装机容量。据悉，华能还在竞购澳大利亚新南威尔士州政府拍卖的价值60亿美元的其它澳洲资产。
在华能着眼于海外收购的同时，印度基础设施集团GMR认为国内前景更好。GMR总裁拉奥(G.M. Rao)表示，GMR将“会把更多的精力放在我们已经取得领导地位的印度市场。”脱手InterGen股权后，GMR将仅在尼泊尔、土耳其与新加坡拥有外国电力公司的股权。
GMR的撤退，距离其以11亿美元收购InterGen股权、从而进入美国市场仅两年时间。在与华能达成的出售价格中，GMR将会收到2.25亿美元，其余将用来偿还控股公司的债务。在该消息宣布后，GMR Infrastructure在孟买上市的股票价格周一从20个月低点反弹5.3%。
买家华能集团是香港上市公司华能国际(Huaneng Power International)的国有母公司。当华能集团于2008年收购大士能源时，它立即表明了将资产转移至子公司的意愿，并且在不到4个月时间内就完成了这笔转移。
译者/何黎
A US electricity company can say goodbye to an Indian investor - and hello to a Chinese one. The world’s second-biggest electricity producer, China Huaneng Group, is paying India’s GMR Group $1.2bn for its 50 per cent stake in Massachussetts-based InterGen.
“Unlike many Chinese acquirers internationally, Huaneng is not gaining control over resources or intellectual property,” Michael Parker, of analysts Sanford C. Bernstein, tells beyondbrics. He argues that Huaneng is buying foreign electricity producers to compensate for weakening performance in its domestic market. Chinese authorities are trying to make growth less energy intensive, and the last year’s stimulus-fuelled boom in energy use is unlikely to be sustained.
The move - which was announced on Sunday, following two weeks of rumours - is Huaneng’s biggest foreign purchase since 2008, when it paid $3.1bn for Singapore’s Tuas Power. It would increase Huaneng’s current capacity by 6 per cent - adding 6,312MW of capacity at power plants in Mexico, the Netherlands, the Philippines and Australia. Huaneng is also said to be bidding for $6bn worth of other Australian assets, which are being auctioned by the New South Wales government.
While Huaneng eyes foreign buys, infrastructure group GMR has decided that prospects are brighter back home. Chairman G.M. Rao says the company will “focus more on [the] Indian market where GMR is already a market leader.” Without its InterGen stake, the company’s only foreign power holdings would be in Nepal, Turkey and Singapore.
GMR’s retreat comes just two years after it entered the US, paying $1.1bn for the InterGen stake. Of the sale price agreed with Huaneng, the company will receive $225m, with the rest being used to pay off debts in the holding company. On Monday, on news of the deal, Mumbai shares in GMR Infrastructure rose 5.3 per cent from a 20-month low.
China Huaneng Group, the buyer, is the state-owned parent of Huaneng Power International, which is listed in Hong Kong. When it bought Tuas in 2008, it quickly stated its intention to transfer the asset to its subsidiary, completing the transfer within four months.
