China Three Gorges Renewables Group Co has been given the green light for an initial public offering which analysts say could be the country’s biggest this year.
The unit of the China Three Gorges Corp has secured approval from the China Securities and Regulatory Commission to offer up to 8.57 billion shares in Shanghai, Bloomberg reported.
China Three Gorges Renewables announced last year it would be seeking to raise 25 billion yuan ($3.85 billion) in an IPO, making it the largest debut in the country this year.
Its total assets – mainly in solar and wind farms, as well as small hydro-power plants – have been valued at more than 140 billion yuan.
The parent company claims to be the world’s largest hydropower company and China’s largest clean-energy firm.
The issuance of shares is scheduled to start on May 10, and the company will use proceeds to fund offshore wind power projects and replenish liquidity, the statement to the Shanghai Stock Exchange is reported to have said.
The listing comes as China’s renewables push has accelerated with its goal to be carbon-neutral by 2060. Wind projects doubled to a record in 2020, and solar installations are predicted to hit a record high this year.