China had invested 100.5 billion yuan (US$12.11 billion) in the Three Gorges Project by the end of 2003 and will build four more hydropower stations on the Yangtze River.

The investment is about 6.4 billion yuan less than the budget in 1994, said Li Yong'an, general manager of the China Yangtze River Three Gorges Project Development Corporation Monday.

Since its inception in 1993, the Three Gorges Project company has been exploring various methods to raise money, Li said.

From 1993 to 1997, the project mainly relied on state investment and state bank loans, but began introducing more social funds from 1998 to 2003, including issuing over 19 billion yuan of bonds, and borrowing commercial loans, Li said

In the third construction phase, China Yangtze Power Co., Ltd (CYPC) was listed successfully on the domestic stock market on Nov.18, 2003, and had raised 10 billion yuan, Li said.

The corporation has also launched schemes to develop four power stations on the Jinsha River, a major tributary of the Yangtze River on the upper reaches. The four power stations include Xiluodu, Xiangjiaba, Wudongde and Baihetan.

With 38.5 million kilowatts of generation capacity, the four stations would generate as much power as two Three Gorges projects.

Preparatory work for Luoxidu and Xiangjiaba has been underway since their approval by the State Council in 2002. Xiangjiaba will generate electricity in 2012 and Luoxidu will start operation in 2014.

The four plants will serve as an important base to send electricity from western China to the east and will help reduce sand flowing into the Three Gorges reservoir.

(Xinhua News Agency February 10, 2004)