Huaneng mulls listing wind power business: official

16:49, March 09, 2010      

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Despite previous media reports that China's Huaneng Group, the country's biggest power producer by capacity, was planning to have its wind power business listed in Shanghai or Hong Kong, General Manager Cao Peixi said this has not yet been decided and the company is studying the plan.

The media had said Huaneng was planning to raise $1 billion to $1.5 billion through a public listing.

The firm has hired China International Capital Corporation (CICC), Goldman Sachs, Macquarie and Morgan Stanley to help apply for the listing, reports said.

In January, Huaneng Power International, the firm's subsidiary raised 8.6 billion yuan ($1.26 billion)and 1.8 billion yuan respectively via the issuing of A-shares and H-shares and most of the money has been invested in wind power projects.

Cao said Huaneng also wants to strengthen its coal business to ensure a sufficient supply for power output. In addition, the capital and technology supports to the company's business need to be improved.

According to the profit report released by Huaneng, in 2009, the firm saw a 100 percent year-on-year growth in 2009, but Cao said the situation this year is hard to forecast due to high coal prices.

"The high coal prices have had a big impact on us," Cao said. Also, the impact of the economic situation regarding power demand may also affect profits in 2010, he said.

Source: Global Times


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