Huge RE IPO in the making in Hong Kong
The renewables energy subsidiary of one of China’s five major state-owned utilities could IPO in Hong Kong by year-end.
Fuxin New Energy Company expects to raise about US$951 million in the IPO. It intends to list on the Hong Kong stock exchange by the third quarter.
About a third of the proceeds will go to building new projects while up to US$380 million wll fund the acquisition of domestic or overseas wind power equipment.
Fuxin New Energy is a subsidiary of China Huadian Corporation, one of China’s five largest state-owned power generation enterprises. Its 3.2GW of installed wind capacity makes it one of China’s largest wind developers.
China Huadian General Manager Yun Gongmin disclosed in February 2011 China Huadian’s intent to speed up the IPO of Fuxin New Energy, which secured approval for the IPO from the Ministry of Environmental Protection last November.
China Huadian produces about 10% of China's power and engages in production and supply of electricity and heat and the development of power-related primary energy.