Shenhai Thermal Power Plant is located in Shenyang City, Jiangsu Province. CR Power owns a 51.5% equity interest in the Power Plant. Consisting of three 200MW heat and power co-generation units, the Power Plant commenced operation in December 1990, December 1991 and February 2007, respectively. Electricity generated is sold to the Liaoning provincial power grid under Northeastern China Power Grid Company Limited. The approved on-grid tariffs (VAT inclusive) for the three units are Rmb 0.3481/kWh, Rmb 0.3481/kWh and Rmb 0.3621/kWh, respectively.