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17 March 2008 - China's Huaneng Power is to buy out Singapore's electricity producer Tuas Power, a unit of Singapore's state-owned investment company Temasek Holdings for $3bn.

Tuas has a total electricity generating capacity of 2670 MW and is the first of three power firms Temasek is selling out of the Singaporean government's plan to liberalize its energy market.

China's power enterprises are extending expansion in Asia market. Last December, State Grid Corporation of China, the nation's largest electricity transmission company, won a 25-year power operation licence in the Philippines by investing $3.95bn.

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