February 8, 2010 / 10:23 AM / 10 years ago

Huaneng Group wind power unit in $1 bln HK IPO -sources

HONG KONG, Feb 8 (Reuters) - China Huaneng Group Corp, the country’s largest power producer, plans to float shares of its wind power unit, aiming to raise $1 billion from a Hong Kong initial public offering this year, sources close to the deal said.

China International Capital Corp (CICC), Goldman Sachs (GS.N), Macquarie and Morgan Stanley (MS.N) were handling the IPO for Huaneng’s wind unit, the sources said on Monday.

Huaneng’s wind power unit planned to raise at least $1 billion from a Hong Kong IPO and may also sell shares in Shanghai, Bloomberg reported, citing sources close to the deal.

China Longyuan Power Group Corp (0916.HK), the world’s fifth-largest wind power generator, garnered strong investor interest in its $2.6 billion IPO last December. Its shares have gained 9 percent from its IPO offering price.

Other green IPOs in the pipeline include Chinese wind power producer Xinjiang Goldwind Science & Technology Co 002202.SZ, already listed in Shenzhen, which aims to raise $1.5 billion from a Hong Kong IPO in the first half of this year, sources told Reuters earlier. [ID:nTOE60I05Q]

CICC, Citigroup (C.N) and Haitong Securities are handling the deal.

China aims to boost wind-generated power to 100 GW by 2020 with investment potentially at more than $150 billion, which will likely make it the world leader in wind energy. Increasing investment in the sector could herald a wave of public offerings from Chinese renewable energy companies.

Renewable energy accounts for just a fraction of 1 percent of China’s total electricity output. The coal-dependent nation hopes to raise the level to 10 percent by 2010 and 15 percent by 2020. (US$1=HK$7.75)

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