Huaneng Renewables IPO

Huaneng Renewables returns with scaled-down IPO

Wind power producer Huaneng Renewables seeks up to $951 million and secures $415 million from 13 cornerstone investors, including CIC and Temasek.
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China’s share of energy from renewable non-fossil sources will rise to 15% by 2020 (AFP)
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<div style="text-align: left;"> China’s share of energy from renewable non-fossil sources will rise to 15% by 2020 (AFP) </div>

Huaneng Renewables is returning to the market today with a scaled-down deal after calling off a Hong Kong initial public offering in December last year.

According to sources, the wind power unit of China’s largest power producer, China Huaneng Group, is aiming to raise between HK$5.68 billion and HK$7.42 billion $728 million to $951 million, which compares with a target of up to $1.3 billion six months ago.

The smaller deal size is a result both of a lower valuation and a weaker profit forecast for this year. At the same time, analysts argue that the outlook for the wind power industry in China...

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