China Longyuan Power closed a $400 million senior hybrid on Friday evening the first hybrid from a mainland-incorporated company that is listed in Hong Kong.
The company is China’s biggest producer of wind power and a subsidiary of state-owned Guodian group, one of China’s five main power-generating companies.
China Longyuan develops wind farms and sells the electricity they generate to local grid companies. It has aggressive plans to expand its production capacity over the next few years and, according to reports, plans to increase its offshore generating capacity by five times during the next three years.
The hybrid gets 100% accounting equity, but it...