2 November 1998
HEI moves into Mongolia
The international subsidiary of Hawaiian Electric Industries Inc., HEI Power Corp., has acquired a 60 per cent interest in a $100 million, 224 MW, coal-fired power plant under construction in Inner Mongolia. The plant is being constructed for state-owned Baotou Iron & Steel Co. Ltd. (BaoGroup) to meet its predicted demand growth, which will rise from the current level of 400 MW to 700 MW by 2000., and BaoGroup will purchase all the facility's output. The BaoGroup holds 25 per cent of the project and the remaining 15 per cent is held by an independent Hong Kong company, United Power Pacific Company Ltd. (UPP). The plant is being developed by an affiliate of UPP, Pacific Point Company Ltd.
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