Paul Hastings and Anjie Law Firm have represented an investment group led by NewQuest Capital Partners in the sale of China Hydroelectric Corp (CHC) to a unit of state-owned Shenzhen Energy Group for around $492 million, with Jones Day and Grandall Law Firm advising the buyers.

The deal was completed on Dec. 10. The Paul Hastings team was led by M&A partners Woojae Kim, David Wang, Daniel Kim and Jia Yan.

CHC is one of China’s top independent producers of hydroelectric power, with over 20 operating plants in the country’s water-rich regions.

Shenzhen Energy Group is focused on operating photovoltaic, hydropower, waste incineration, gas turbine and wind power plants. It is also developing projects involving alternative energy sources.