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SHANGHAI | Thu Feb 24, 2011 12:57am GMT |
SHANGHAI Feb 24 (Reuters) - China's five major state-run power generation companies hope to raise more money for their new energy units either by an initial public offering or by raising equity this year, the Shanghai Securities News reported on Thursday.
Saddled with high debts and fighting high fuel prices, the power firms, including Guodian Corp, Huadian Corp, Huaneng Group, Datang Corp and China Power Invest Corp, are aiming to tap the market to fund their string of renewable energy projects, the paper said.
Guodian, parent of GD Power Development Co (600795.SS), Guodian Changyuan Power Development Co 000966.SZ and China Longyuan Power Group Corp (0916.HK), is planning to list its unit Guodian Technology and Environment Group and issue yuan-denominated bonds through its Longyuan subsidiary this year.
Huadian Corp, parent of Hong Kong-listed Huadian Power International Corp Ltd (1071.HK), hopes to speed up the public listing of its renewable resources department Fuxin New Energy Co in 2011 as well as its engineering dept by 2012, the paper said, citing Huadian's General Manager Yun Gongming.
An unidentified official at Datang Group said the firm would push for its Shanghai-listed subsidiaries, Guaguan Power (600236.SS) Huayin Power (600744.SS) to raise equity, while China Power Investment Corp was separately planning to list some unspecified units.
Huaneng Corp also plans to accelerate efforts to list its renewables