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CSG gets 100b yuan credit line

By Yu Hongyan (chinadaily.com.cn)
Updated: 2009-03-20 11:44

China Southern Power Grid (CSG), China's second-largest power distributor, will get a 100 billion yuan ($14.64 billion) credit line from the Industrial and Commercial Bank of China, under a strategic cooperation agreement reached on March 12, according to a government website.

Related readings:  CSG powers up with additional investment  China Southern Power Grid plans for listing  China Southern Power Grid reconnects with all snow-hit counties

The State-owned power distributor said it will invest 71 billion yuan this year in 20 key projects.

The company is targeting 5 percent growth in electricity sales this year, and plans to wrap up 102.5 billion yuan worth of investment in construction, according to a statement posted on the website of the State-owned Assets Supervision and Administration Commission, citing the company's chairman, Yuan Maozhen.

The Fortune 500 company plans to further invest 30 billion yuan in the following two years to upgrade the power network in urban and rural areas, said Yuan.

CSG sold 232 TWh of electricity in the first half of 2008.

The grid invests, constructs and operates the transmission and distribution networks in Guangxi Zhuang autonomous region, and Guangdong, Yunnan, Guizhou and Hainan provinces.