Meiya Power, a subsidiary of the China General Nuclear Power Group (CGN) focused on renewable energy, has raised US$227 million in its over-subscribed IPO in Hong Kong.
The funds exceeded the company’s expected return of HK$1.53 billion (US$197.5 million).
According to the prospectus, around 70% of the proceeds will be used to buy existing projects from CGN. The company will be listed on the Hong Kong Stock Exchange.
The rest of the proceeds will be used to purchase projects from third parties that are operational. It will also look at developing greenfield sites.
As of April 2014, CGN owned 64 wind projects, 13 hydro and 15 solar. It also had another five solar sites under construction at the time. Its solar generation capacity was 0.52GW and a solar pipeline of 140MW.