Chinese solar co Xinyi Energy launches IPO

Hong Kong Stock Exchange. Author: heycreation. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.

The IPO will not proceed. Read: Xinyi Solar power unit calls off IPO here.

December 10 (Renewables Now) - Chinese solar power firm Xinyi Energy Holdings Ltd is selling over 1.88 billion shares in its initial public offering (IPO) this month.

The price range has been set at HKD 1.89 to HKD 2.42 per share, according to a prospectus published by the Hong Kong Stock Exchange (HKEX) today.

The company is a spin-off of solar glass maker Xinyi Solar Holdings Ltd (HKG:00968) that holds and operates a portfolio of 954 MW utility-scale ground-mounted solar farms in China. It is selling, as part of the IPO, 188.01 million shares in Hong Kong and over 1.69 billion international offer shares. The final price is expected to be announced on December 20, with trading on the HKEX commencing the next day under the stock code “3868”. BOC International, DBS and HSBC act as joint bookrunners and joint lead managers.

Xinyi Energy will use the IPO proceeds to acquire an additional 540 MW of capacity to bring its portfolio close to 1.5 GW. The focus of the company will be the acquisition, ownership and management of large solar capacities and the sale of electricity to subsidiaries of the State Grid, thus generating “a stable inflow of revenue and cash”.

The company’s board intends to distribute interim and final distributions equal to no less than 90% of its distributable income each year.

(HKD 10 = USD 1.28/EUR 1.12)

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Browse all articles from Tsvetomira Tsanova

Tsvet has been following the development of the global renewable energy industry for almost nine years. She's got a soft spot for emerging markets.

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