China Hydroelectric Plans $200M IPO

U.S.-based power firm China Hydroelectric, plans to raise up to US$200 million in an initial public offering of shares in Hong Kong, according to a story published last week in the South China Morning Post.

The company, which was set up in 2006 to buy and operate hydropower assests in China, filed a listing application in January, and Deutsche Bank and Merrill Lynch had been hired to manage the share sale, the newspaper said.

No listing details or timetable timetable for the IPO was given.

The company’s website says that it has already closed on two projects and is in various stages of negotiation to acquire an additional $400 million of hydroelectric projects.

The South China Morning Post report stated that China plans to increase hydropower capacity to 300 gigawatts by 2020, nearly triple the level in 2007.

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