The French Electricity Company (EDF) and GEC ALSTHOM have signed the agreement for Chinese Laibin B electric power plant

EDF and GEC ALSTHOM together with the government of Chinese Province Guangxi have organized in Pekin on 3 september 1997 a ceremony for signing a BOOT (Build, Own, Operate, Transfer) contract for the Coal Power Plant (2 x 360 MW) at Laibin B. This is the first Chinese BOOT contract in the power domain entirely financed by foreign capital. The two western companies which were retained for this project, following an international call for offers, invest USD 150 million of its own founds in this USD 600 million project. They will hold 60% and 40% of the capital of the company created for this project, respectively. The construction power plant is planned to be completed at the end of 1999 - beginning of 2000. After 15 years of industrial operation the power plant will be transferred to the autonomous government of the Province Guangxi. The communique contains the following 8 files: 1. The Laibin B power plant; 2. Build, Own, Operate, Transfer; 3. The autonomous Guangxi Province; 4. An outline of EDF in China; 5. Profile/activities of GEC ALSTHOM in China; 6. The 'Credit Agricole Indosuez' in China; 7. BZW Barclays PLC; 8. HSBC Investment Banking in China