Huaneng pays $3b for Tuas

China Huaneng Group, the nation's largest power producer, on Friday said it has agreed to buy Singapore's Tuas Power Ltd for S$4.24 billion ($3 billion).

Huaneng bought the company from Temasek. It made the deal from its wholly owned subsidiary in Singapore, the company said in a statement.

Through the deal Huaneng will have the 2,670 mW electricity-generating capacity of Tuas. This accounts for over 25 percent of the power manufacturing market share in Singapore, the company statement said.