* Yangtze Power to invest $168 mln in EuroSibEnergo HK IPO
* Says IPO still awaiting Chinese government approval
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SHANGHAI, Dec 2 (Reuters) - China's Yangtze Electric Power Co <600900.SS> said on Thursday it will invest $168 million as a cornerstone investor in the Hong Kong initial public offering of Russian electricity firm EuroSibEnergo.
EuroSibEnergo, controlled by Russian oligarch Oleg Deripaska, is considering postponing its $1.5 billion IPO until the beginning of 2011, a source close to the matter told Reuters on Monday. [ID:nTOE6AS04D]
Yangtze Power, the operator of the country's largest hydropower project, said EuroSibEnergo's IPO was still awaiting approval from the Chinese government.
Yangtze said in a filing to the stock exchange that it will also set up an equal-ownership joint venture with EuroSibEnergo to develop power resources in Russia.
EuroSibEnergo, the power unit of Deripaska's business empire, had been valued at $4.0 billion-$5.6 billion ahead of its planned IPO, financial market sources told Reuters on Nov 19.
Yangtze said it will buy EuroSibEnergo shares at its IPO price.
(Reporting by Samuel Shen and Melanie Lee; Editing by Ken Wills)