April 8 (Renewables Now) - China Three Gorges Corp is considering listing its renewable energy unit in a transaction that could bring it around CNY 25 billion (USD 3.54bn/EUR 3.26bn), mainly for offshore wind investments.
The state-owned power company has filed a prospectus with the China Securities Regulatory Commission (CSRC), indicating its intention for an initial public offering (IPO) of A shares of China Three Gorges Renewables Group Co. The stock will be offered on the Shanghai stock exchange, with most of the raised funds, or around CNY 20 billion, intended to go for the construction of offshore wind projects. The remaining CNY 5 billion will enhance the Chinese firm’s liquidity.
The portfolio of offshore wind projects that will potentially benefit from the IPO proceeds includes seven schemes.
Information published by CSRC is considered as a pre-disclosure only. China Three Gorges’ application for issuance still needs to be approved by the regulator.
(CNY 1.0 = USD 0.142/EUR 0.130)