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Infrastructure Investment In Canada


Through Stanley Power, CKI holds stakes in a number of electricity generating plants in Canada. In early 2011, the Group announced a transaction to increase its stake in the Meridian Cogeneration Plant in Saskatchewan.

Stanley Power Inc.

Stanley Power holds a 49.99% interest in TransAlta.

CKI and Power Assets jointly own Stanley Power on a 50/50 basis.

Stanley Power holds a 49.99% interest in TransAlta Cogeneration, L.P. ("TransAlta"), which owns stakes in several electricity generation plants in Canada.

In early 2011, CKI and Power Assets announced a transaction to jointly increase its shareholding in one of these plants, the Meridian Cogeneration Plant in Saskatchewan, by acquiring an additional 75.005% interest from TransAlta and the other shareholder of the plant, Husky Oil Limited, a wholly owned subsidiary of Husky Energy Inc. ("Husky").

The Meridian Cogeneration Plant in Saskatchewan.

The Meridian Cogeneration Plant is a natural gas-fired cogeneration plant with an installed capacity of 220 MW. It has entered into a long-term power purchase agreement with Saskatchewan Power Corporation (a provincial electricity company owned by the province of Saskatchewan) and a long-term steam supply contract with Husky – both lasting until 2025.

The cost for CKI's additional interest in the Meridian Cogeneration Plant was approximately HK$359 million (CAD45.7 million). Upon completion of this transaction, which is expected in the first half of 2011, CKI and Power Assets will together hold a 100% interest in the plant.

Post-completion, TransAlta will continue to own stakes in five other power generation plants, comprising four natural gas-fired cogeneration plants in Alberta and Ontario, and a coal-fired generation plant in Alberta. With long-term offtake contracts in place, these electricity generation plants provide CKI with a steady and reliable income stream.

In 2010, Stanley Power achieved a satisfactory operating performance in line with expectations.

Stanley Power achieved a satisfactory operating performance.
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