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. Last Updated: 07/27/2016

Austa Enters China

BRISBANE, Australia -- Australian power corporation Austa Energy signed an agreement Tuesday for the construction of a 1.41 billion Australian dollar ($1.01 billion) power plant in China's Henan province.

"My corporation is fully committed and equipped to develop energy projects in Asia, and we have identified China as one of the most promising countries," Austa Energy chief executive officer Allan Gillespie said.

The signing of a memorandum of understanding between Austa and the Henan General Construction and Investment Corporation for the 1,200 megawatt power plant ended several months of negotiations.