星期三, 4月 14, 2021
Home PV News Datang renewable energy unit eyes $1 bln HK IPO-sources

Datang renewable energy unit eyes $1 bln HK IPO-sources

China Datang Corporation, the country's second-largest power producer, plans to float shares of its renewable energy unit in a Hong Kong IPO, which is expected to raise at least $1 billion, sources close to the deal said.


Datang has held discussions with several banks to underwrite the offering, which includes hydro and wind power assets. None of the banks have been mandated yet. The company declined to comment.


The IPO pursuit follows plans by China's Huaneng Group Corp, the country's largest power producer, to raise $1 billion through a Hong Kong IPO of its wind power unit.


After a restructuring last year, Datang formed a unit called China Datang Corp Renewable Power Co Ltd, a new division holding its wind and hydro assets. That is the name of the unit Datang is planning to spin off.


The parent company has not decided whether to add other power assets into the listing plan, the sources said.


"The scale of Datang's assets is bigger than Huaneng," the source said, hinting that its share sale could top that of Huaneng's.


China Datang Corp is the parent company of Hong Kong-listed China Datang International Power Generation Co.


According to China Wind energy Association figures, Datang Corp holds China's second-biggest wind asset with capacity reaching 1,521 megawatts as of end 2008.
 

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