November 26 (Renewables Now) - Chinese hydropower major SDIC Power Holdings Co Ltd (SHA:600886) confirmed today that it will float a stake of up to 10% on the London Stock Exchange (LSE).
As previously announced, the power generation company plans to offer global depositary receipts (GDRs) for listing on the standard segment of the Official List maintained by the UK Financial Conduct Authority (FCA) and to trading on the Shanghai-London Stock Connect segment of the main market for listed securities of the LSE.
On Tuesday, SDIC Power said that it will publish the prospectus for the offering in the coming weeks and that it will include the yet-to-be-determined indicative price range.
Goldman Sachs International, UBS AG London Branch and HSBC Bank plc serve as joint global co-ordinators and joint bookrunners.
"We believe that a flotation on the London Stock Exchange will support our growth strategy, through which we will increase our clean energy capacity and continue our global expansion,” said chairman Zhu Jiwei, adding that the company will pursue acquisitions and new projects where it recognises attractive opportunities, including in Asia and Europe.
As at end-June 2019, SDIC Power had a consolidated installed capacity of 34.4 GW, of which 48.8% comes from hydropower, 45.8% from coal-fired power and 5.4% from wind and solar power plants. The group says it is the third largest hydropower company in China among the publicly listed businesses.