China Huaneng Group green energy unit launches Hong Kong IPO - report
(ADPnews) - Dec 6, 2010 - The renewable energy unit of China Huaneng Group (CHNG) will start its initial public offering (IPO) in Hong Kong today, news site 163.com reported, citing Hong Kong media.
According to earlier reports, Huaneng New Energy Industrial targets IPO proceeds of around HKD 7.8 billion (USD 1bn/EUR 756m), with Morgan Stanley to handle the offering.
State Grid International Development has subscribed for USD 60 million (EUR 45.2m) worth of Huaneng shares, while Northbrooks will invest USD 50 million in the company, 163.com writes. BOC Group, WLR China Energy Infrastructure Fund and China Chengtong Hong Kong also took part in the offering with investments of USD 30 million, USD 10 million and USD 1 million respectively.
Huaneng New Energy's installed capacity is seen to reach 5,500 MW in 2011 from 3,500 MW this year. The company's general manager, Zhao Shiming, announced that the company's parent China Huaneng Group would inject 900 MW of wind power assets in Huaneng New Energy in the coming five years. At present, the green energy firm is targeting wind power projects in Australia, New Zealand and Canada.
At the end of September, Huaneng New Energy had 1,861.8 MW installed and 2,001.7 MW under construction.