Three Gorges to invest 25bn yuan in offshore wind power projects

Fund-raising through share sale likely to be among largest ever IPOs

by Nadeem Xu
Three Gorges to invest 25bn yuan in offshore wind power projects
The Three Gorges Dam.

(ATF) – China Three Gorges Renewable, known as Three Gorges New Energy, plans to raise 25 billion yuan ($3.57bn) through the sale of shares to invest in offshore wind power projects.

If the planned sale goes ahead, it will be the largest IPO of A shares this year and the 16th-biggest ever in the A-share market, according to Three Gorges Renewable.

Investment in offshore wind power projects are likely to take priority. 

Seven projects have been identified, including a 300MW offshore wind power project in Yangxi Shapa. Some 20bn yuan has been earmarked for a new energy source in the Three Gorges Project, a hydro-electric dam across the Yangtze River between Chongqing and Wuhan.

By the end of 2019, the company was operating offshore wind power projects that generated a total of 1.47GW, which is expected to increase to 6GW this year, according to company data.