China Three Gorges plans USD-1.5bn fundraise - report

Wind turbine in Japanese waters. Author: mmatsuura.

Aug 30 (Renewables Now) - China Three Gorges New Energy, a subsidiary of state-owned hydropower group China Three Gorges Corp, is looking to raise some CNY 10 billion (USD 1.5bn/EUR 1.3bn) to develop its wind energy operations, Reuters reported today, citing sources.

The company is to raise the funds from new investors, with the deal expected to be completed by the end of 2017. It will use a portion of the money to construct offshore wind farms and to purchase solar and wind parks across the country, the sources told Reuters.   

China Three Gorges New Energy is in discussions with investors, including China Life Insurance Co Ltd (SHA:601628) on the plans, which are in line with Beijing's calls on state-owned companies to bring in private capital. According to one of the sources, it intends to list on the Shanghai bourse in about three years.

(CNY 1 = USD 0.152/EUR 0.127)

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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