Asia Power Corp., a Singapore-based renewable energy developer, has signed an agreement to acquire an 80% equity interest in three hydropower plants from Sichuan Hongya Heshen Power Co. for 76.65 million yuan ($15.7 million).

Under the agreement, Asia Power (Hainan) Investment Co., a wholly-owned subsidiary of Asia Power, along with Chinese small-hydro plant operator Sichuan Hongya, will establish a Sino- foreign joint venture, Asia Power said in a statement.

The enterprise is obtaining the 4.5-megawatt Dachanghe, 2.5-megawatt Huaqiupo and 4-megawatt Yangchengqiang plants from Hongya. The three plants are all located in the town of Yanyuan Wangwushan Hongya County in Sichuan Province.

The joint venture will be 80% owned by Asia Power, and 20% by Sichuan Hongya.