China

China

Huaneng to spend $461 millon on wind

CHINA: Huaneng Renewables has raised $799 million on the Hong Kong Stock Exchange, with the majority of this to be ploughed into new wind projects.

The company says it will invest 57.8% funds on wind projects, 23% to merge overseas and domestic projects, and 19.2% to pay back bank loans.

Last December, Huaneng Renewables, the third largest wind project operator in China, after Longyuan and Datang Renewables, planned to raise about 1 billion U.S. dollars on the Hong Kong Stock Exchange, priced at HK$2.98-3.98 per share.

It shelved its IPO at the last minute, admitting it had underestimated valuation amid market fluctuations.

Huaneng Renewables, dedicated to develop renewable energy, mainly wind power, was the eighth largest wind project operator in the world by the end of 2010.

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