China Huaneng Group To List Wind Power Assets

China Huaneng Group is currently planning to list its wind power assets, reports China Business News, citing the group’s general manager, Cao Peixi.

Media reports in February had mentioned that the group was planning to raise between $1 billion to $1.5 billion through the listing of its wind power assets in either the Hong Kong or Shanghai bourse.

The group’s listed subsidiary, Huaneng Power International (600011), had raised 8.6 billion yuan and 1.8 billion yuan from the A-share market and H-share market respectively in January 2010. Most of the proceeds raised will be invested in wind power generation projects.

According to data from the China Electricity Council, the wind power installed capacity of central enterprises accounted for 84.89 percent of China’s overall wind power generation capacity.

Huaneng Group had wind power installed capacity of 1.12 million kilowatts as at end 2008, accounting for 13.33 percent of China’s overall wind power installed capacity.

At present, most of the group’s wind power and hydropower investments and operations are handled by its subsidiary, Huaneng New Energy Industrial Holdings.

Huaneng Power International had previously forecasted that it will return to profit in 2009, with net profit growth expected to exceed 100 percent.