Huaneng's wind power unit raises $800 million ahead of HK listing

Huaneng Renewables allocates 93.5% to institutional investors after the retail tranche of its IPO is undersubscribed.

Huaneng's wind power unit raises $800 million ahead of HK listing
Huaneng Renewables is aiming to raise its wind power capacity to 5.1GW this year from 3.5GW at the end of 2010. (AFP)

Huaneng Renewables, the wind power unit of China’s largest power producer, China Huaneng Group, has raised HK$6.23 billion $800 million from its second attempt at a Hong Kong initial public offering.

The company’s first effort in December last year was called off before pricing partly due to a competing IPO from a key mainland rival, Datang Renewable, that was offered at a cheaper valuation. So it was probably with some satisfaction that Huaneng was...

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