Huaneng Renewables to raise USD 226m in stock sale

Dec 16, 2014 - Chinese wind and solar park operator Huaneng Renewables Corp Ltd (HKG:0958) said today it will issue some HKD 1.75 billion (USD 226m/EUR 181m) worth of new H shares.

The company explained that it will use the net proceeds of around HKD 1.72 billion for general corporate purposes. The 698.8 million shares will correspond to about 7.18% of the firm’s enlarged share capital.

The stock will be sold only on the Hong Kong Stock Exchange to between six and 10 placees at HKD 2.50 apiece. The price is equal to a discount of about 4.2% to the closing price of Huadian Fuxin’s shares on December 15.

Credit Suisse (Hong Kong) Ltd will act as sole bookrunner of the sale, which has already received clearance by the China Securities Regulatory Commission and the State-owned Assets Supervision and Administration Commission.

At the end of June 2014, Huaneng Renewables, which is part of China Huaneng Group, had 6,320 MW of wind and 400 MW of solar parks in operation.

(HKD 1.0 = USD 0.129/EUR 0.103)

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