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China Hydroelectric Corporation Announces Acquisition of 19MW Hydroelectric Power Project

May 6, 2010

NEW YORK, May 6 /PRNewswire-Asia-FirstCall/ — China Hydroelectric
Corporation (NYSE: CHC, CHC-WS) (“China Hydroelectric” or the “Company”), a
consolidator, developer and operator of small hydroelectric power projects in
the People’s Republic of China (“PRC”), today announced that it has
consummated the previously announced acquisition of 100% of the 19 megawatt
(“MW”) Husahe Project located in the Yunnan province of the PRC.

The purchase price for the project was US $15 million (RMB 106 million)
paid in the form of cash and a seller note, all or a portion of which may be
refinanced with non-recourse bank debt from local Chinese banks. The Company
had announced the execution of the definitive agreement for this acquisition
on April 14, 2010. Prior to executing the definitive agreement, the Company
had entered into a memorandum of understanding with respect to the acquisition.

The Company continues to work towards the consummation of its previously
announced pending acquisition of a 44 MW Xiaopengzu Project, also in Yunnan
province, as well as on finalizing acquisitions of additional projects for
which the Company has entered into memoranda of understanding.

About China Hydroelectric Corporation

China Hydroelectric Corporation (“CHC” or the “Company”) is a consolidator,
developer and operator of small hydroelectric power projects in the People’s
Republic of China
. Led by an international management team, the Company’s
primary business is to identify and evaluate acquisition and development
opportunities and acquire, and in some cases construct, small hydroelectric
power plants in China. China produces approximately 22% of its total energy
from hydroelectric energy. The Company currently owns thirteen operating
hydropower projects (consisting of 16 operating stations) in China with total
installed capacity of 396 MW. These projects are located in four provinces:
Zhejiang, Fujian, Yunnan and Sichuan.

For further information about China Hydroelectric Corporation, please
visit the Company’s website at http://www.chinahydroelectric.com .

Cautionary Note Regarding Forward-looking Statements:

Statements contained herein that address operating results, performance,
events or developments that we expect or anticipate will occur in the future
are forward-looking statements. The forward-looking statements include, among
other things, statements relating to our business strategies and plan of
operations, our ability to acquire hydroelectric assets, our capital
expenditure and funding plans, our operations and business prospects, projects
under development, construction or planning and the regulatory environment.
The forward-looking statements are based on our current expectations and
involve a number of risks, uncertainties and contingencies, many of which are
beyond our control, which may cause actual results, performance or
achievements to differ materially from those anticipated. Should one or more
of these risks or uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those anticipated,
estimated or projected. Among the factors that could cause actual results to
materially differ include: supply and demand changes in the electric markets,
changes in electricity tariffs, hydrological conditions, our relationship with
and other conditions affecting the power grids we service, our production and
transmission capabilities, availability of sufficient and reliable
transmission resources, our plans and objectives for future operations and
expansion or consolidation, interest rate and exchange rate changes, the
effectiveness of our cost-control measures, our liquidity and financial
condition, environmental laws and changes in political, economic, legal and
social conditions in China, and other factors affecting our operations that
are set forth in our Prospectus dated January 25, 2010 and filed with the
Securities and Exchange Commission (the “SEC”) and in our future filings with
the SEC. Unless required by law, the Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise.

    For more information, please contact:

    Company:

     Mary Fellows, EVP and Secretary
     China Hydroelectric Corporation
     Phone: +1-860-435-7000
     Email: mfellows@chinahydroelectric.com

    Investor Relations:

     Scott Powell
     HC International, Inc.
     Phone: +1-917-721-9480
     Email: scott.powell@hcinternational.net

SOURCE China Hydroelectric Corporation


Source: newswire