Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

Chinese wind power producers plan Hong Kong IPOs

HONG KONG, Nov 16 – Two of China\’s top power producers plan to raise 2.5 billion US dollars by listing their wind-power units in Hong Kong, reports said Tuesday, the latest among several green firms to list in the city.

Huaneng Renewables, a unit of major power producer China Huaneng Group, plans to raise 1.5 billion US dollars ahead of a listing on December 16, the Wall Street Journal reported, citing a term sheet for the deal.

China Datang Corp. Renewable Power, a unit of China Datang Corp, plans to raise one billion US dollars before its December 9 listing, the Journal said.

Both companies began pre-marketing the deals Monday and plan to price their offerings in early December.

Huaneng Renewables, which plans to sell 2.49 billion shares, will use the proceeds to expand its wind power business, repay bank loans and acquire wind power projects in China and overseas, the report said.

Datang Corp.\’s subsidiary, which aims to sell 2.14 billion shares, plans to use the cash to fund wind power projects in Inner Mongolia, repay bank loans and purchase wind turbines.

Six clean energy companies have listed in Hong Kong since 2009, raising a total of 4.4 billion US dollars, according to Dow Jones Newswires.

Beijing\’s efforts to reduce dependence on coal and crude oil by developing cleaner forms of energy have raised investor interest in the renewable energy sector, leading to the Hong Kong listings.
 

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...