Published on March 2nd, 2009 | by ebalkan1
A Chinese T. Boone Pickens?
Hong Kong tycoon Stanley Ho is most famous in business for his vast and infamous casino empire and unofficial title as one of Asia’s richest people (his estimated US$8 billion net worth earned him the 113th rank in Forbes’ 2007 list of “the World’s Billionaires”). Might news of his recent clean energy joint venture with Portugal’s top power company bring him a new title: “the Chinese T. Boone Pickens“?
According to Macauhub, a government-sponsored news publication-cum-commerce division that reports business-related news in the Pearl River region and in Portugese-speaking countries, Ho has created a renewable energy partner firm with Portugal’s Energias de Portugal (EDP), which will be known as EDP-Energy Solutions Asia.
The octogenarian magnate will be a minority partner in the firm, with EDP controlling 60% of the entity. Business activities will be in Mainland China.
It is unclear whether the firm will be active only in providing consulting services or will also invest directly in the development and deployment of clean technologies in China. EDP’s website has not issued any press release on the subject.
The newly established partnership, along with EDP’s existing ownership of Macau’s sole electric utility Companhia de Electricidade de Macau, represents EDP’s strategic move to strengthen its position in Asia.
For the notorious Stanley Ho, whose personal life and business moves consistently generate interest and sometimes controversy, this is a first investment in the renewable energy sector. Yet, with twice the assets of T.B. Pickens, he is well poised to build an, ahem, cleaner empire.