China Huadian Corp, one of the country’s five major state-run power generation groups, said it will speed up the public listing of its new energy unit this year, the China Daily reported, citing General Manager Yun Gongmin.
The report did not give details of the size of the initial public offering for the company’s renewable resources department, Fuxin New Energy Co.
In December, China Datang Corp Renewable Power Co Ltd, the country’s second-largest wind power company, priced its Hong Kong IPO at the low end of the indicative range on concern over the sector’s outlook.
Huaneng Renewables Corp, a smaller rival of Datang, pulled its up to $1.3 billion IPO in December amid lackluster market conditions.
Concern over a lack of grid connections in China for renewable power generators and uncertainty over the clean development mechanism (CDM) curbed investor appetites, analysts said.
China is among the biggest beneficiaries of the Kyoto Protocol, which promotes a carbon offset system or CDM, under which companies in developing nations can earn U.S. credits for reducing carbon dioxide emissions by building clean energy projects.
Huadian Corp is the parent of Hong Kong-listed Huadian Power International Corp Ltd.
