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China

China

Longyuan raise $375 million for wind development

CHINA: Longyuan Power has raised HKD 2.9 billion ($375 million) through the Hong Kong Stock Exchange to spend on onshore and offshore development.

Longyuan completed H-share placement on 13 December at the Hong Kong Stock Exchange. It issued 572 million shares, 21.11% of its total, at a placing price of HKD 5.08 per share.

The developer is to invest 50% of the funding in onshore wind farms, 20% in offshore wind farms, 15% in overseas wind and solar projects, 5% in Chinese solar projects, and 10% in supplementing operating capital.

In August, Longyuan announced CNY 2.797 billion in operating profits in the first half of this year, up 16.1% on the same period last year.

During the first six months of this year, Longyuan Power, China’s largest wind power developer, reported a CNY 3.9 billion income, mainly from selling wind power.

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