(ADPnews) - Nov 19, 2010 - Chinese power utility GD Power Development Co Ltd (SHA:600795) said on Thursday it intends to raise CNY 9.7 billion (USD 1.46bn/EUR 1.1bn) via a stock offering to fund acquisitions and projects, including several renewable energy developments.
The China Securities Regulatory Commission has given the company the go-ahead to issue up to 3 billion A shares.
Proceeds will go for the buy of a 50% interest in Zhejiang Beilun No 3 Power Plant, the acquisition of green energy firm Guodian Xinjiang Power, the purchase of Guodian Jiangsu Jianbi Power Plant and the acquisition of a 20% stake in Guodian Jiangsu Power. In addition, a portion of the funds will be used for the Sichuan Daduhe Pubugou hydropower station project, the Jiangsu Jianbi Power Plant expansion, two co-generating facilities and the Jilin Yanbianzhou Daxingchuan hydropower station.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.