China Yangtze Power

“They also announced an 85% increase in the dividend and guaranteed it for five years.”

“Really dams are the best infrastructure asset in the world today. That their reinvestment requirements are almost nothing, and so they're essentially financial assets.”

“CYPC or China Yangtze Power had debt. Well, it should have debt. If there ever was a business on Earth that should have debt, that's it. But likewise, it depreciates its dams over 26 and a half years, but they're going to last over a 150 years, so that's wrong…”

“98% of their net free cash flow was Free because they had so little maintenance requirements on maintaining the dams.”

“It's the finest energy asset in China, It's the finest infrastructure asset in Asia. It's the lowest cost producer of clean energy in a country that's choking on coal. This is really an important asset period in China.”

“So last year it made about five billion dollars US of cash flow, and they had to reinvest less than two hundred million to maintain the dams, the hydroelectric dams.”

“Through an investment we made about six, seven years ago in a company called China Yangtze power. And this is the largest renewable energy company in Asia. One of the largest in the world.”