China Longyuan plans HK listing, aiming to raise $645mln
BEIJING, June 9 (Reuters) - China Longyuan Electric Power Group, a renewable energy arm of state power group Guodian, plans to list in Hong Kong within the year, capturing opportunities arising in the country's renewable energy revitalization plan.
Longyuan, which accounted for more than a quarter of the country's wind-power capacity, aimed to raise HK$5 billion ($645 million) from the share sale, which would mainly fund wind farm expansion, the China Daily reported on Thursday, citing an unnamed source close to the case.
"The IPO preparation is now in the final stage," the source said, adding that the company was awaiting approval from the Ministry of Environment Protection on its environmental assessment, a procedure for H-share issuance.
Longyuan's wind-power generating capacity reached 2,630 Megawatts in 2008, company vice-president Huang Qun said in early June, compared with China's total wind-power capacity of 12,200 MW last year.
Longyuan, the country's major wind-farm operator, planned to boost its wind capacity to 6,000 MW in 2010, and to 20,000 MW by 2020, Huang said, in line with China's target for installed wind capacity of 100 million kilowatts by 2020.
China's investment for renewable energy was expected to exceed 3 trillion yuan ($439 billion) by 2020, Liang Zhiping, an official with the National Energy Administration, said in May.[ID:nPEK17895]
The administration was also drafting a stimulus plan for the industry that would noticeable raise development targets for wind and solar power, he said.
Guodian Group, parent of Guodian Power Ltd (600795.SS), is among China's five major power generating groups. (Reporting by Beijing Newsroom; Editing by Chris Lewis)
