By Gina Lee
– China’s Three Gorges Renewables Group is planning to raise up to CNY 25 billion ($3.52 billion) in what could be the country’s second biggest IPO of the year.
Three Gorges looks to sell up to 8.57 billion shares on the Shanghai bourse, according to its prospectus submitted to the China Securities Regulatory Commission. The assets it will list are mostly domestic solar and wind farms and hydropower plants with a total capacity of around 10 gigawatts.
The company will use CNY 20 billion of the proceeds to fund seven new offshore wind farms, with the remainder being working capital.
It aims to operate 6 gigawatts of offshore wind power capacity by the end of the year, including projects under construction. It had a 1.47-gigawatt capacity as of December 31.
