Huaneng Power gets local bank funding for buy

Huaneng Power International Inc, China's largest listed power producer, yesterday got a S$3.2 billion ($2.3 billion) bank loan to fund its acquisition of Tuas Power in Singapore.

Under an agreement signed yesterday, Huaneng will get S$2.8 billion ($2 billion) loan from Bank of China and S$400 million ($300 million) loan from China Construction Bank. The company will mainly use the money to pay for the loan it had borrowed from overseas banks for the deal last year.

Huaneng paid S$4.24 billion ($3 billion) to buy Singapore's Tuas Power Ltd in March 2008. It was Huaneng's first 100 percent stake purchase in an overseas company.