block-in-renewable-energy-firm-prices-at-10-discount

Block in renewable energy firm prices at 10% discount

A company partly owned by the vice-chairman of China Power New Energy Development takes home $45 million from the sale of a 5.7% stake.
A shareholder in China Power New Energy Development has raised HK$356 million $45.6 million by selling 400 million shares in the alternative energy business.

The shareholder was a company owned by China PowerÆs vice-chairman Lai Leong and a former executive director, which, prior to the sell-down on Monday night, owned 1 billion shares in China Power. CLSA arranged the deal, which is the first placement of size in a Hong Kong-listed company since coking coal processor Fushan International Energy Group raised $252 million three weeks ago.

China Power focuses on developing projects within wind power, hydropower, and biomass. It is 28.4% owned by China Power Investment, while China National Offshore Oil Corp CNOOC has...
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