China Three Gorges plans IPO of renewable unit

  • Corporate News
  • Wednesday, 08 Apr 2020

The Three Gorges Dam, on of the largest hydro-electric power station in the world.

BEIJING: State-owned China Three Gorges Renewables Group Co is seeking to raise 25 billion yuan (US$3.5bil) in one of the country’s biggest initial public offerings this year.

It plans to sell 8.57 billion shares in Shanghai, according to a prospectus posted on the website of the China Securities Regulatory Commission.

The assets to be listed are mainly domestic solar and wind farms, as well as small hydro power plants, with a total capacity of almost 10GW.

If trading started this year, the IPO would be the second-biggest in China during 2020, after Beijing-Shanghai High Speed Railway Co raised US$4.3bil in a January debut, according to data compiled by Bloomberg.

The listing comes as parent company, China Three Gorges Corp, seeks to establish a new unit to hold international assets, which it has snatched up in the past decade, particularly in Latin America.

The state-owned giant was working with advisers on setting up the entity, with a view to consider a listing of the whole unit or some of the assets. — Bloomberg

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