UBS AG, China Everbright Securities Ltd, JPMorgan Chase & Co, Credit Suisse Group AG and Macquarie Group Ltd handled the offering, which reported consisted of the issuance of 2.14 billion shares for HKD 2.33 a share ($0.29), the lower end of its previously indicated price range.
In addition to financing previously the previously announced wind projects, proceeds from the offering are also expected to pay for the purchase of wind turbines and pay bank existing bank loans.
China Datang Corp Renewable Power Co, the country's second-largest wind-power producer, had earlier said it planned to expand its installed capacity by 2,000 MW annually from 2012 after raising the capacity to at least 5,500 MW by 2011 from a projected 4,000 MW at year end this year.
In announcing those goals, company President Hu Yongsheng said “Offshore wind power has become a new driver for growth and we are also diversifying the renewable energy business to the solar and biomass areas”.
Established in 2004, the wholly-owned renewable-energy unit of China Datang Corp, which had an installed capacity of only 79.9 MW in 2005, has attracted a total of $260 million in investment from seven key investors for its Hong Kong initial public offering, according to its IPO prospectus.
About 45 percent of the net proceeds from the share sale will be used for the construction of wind power projects in three of the company's operating regions, including the Inner Mongolia and northeastern development region, the central and western region as well as the southeastern coastline areas.
The company owns the world's largest wind power project in terms of installed capacity -- the Saihanba GW wind farm in Inner Mongolia -- and the first offshore wind farm in China, Shanghai Donghai Bridge Wind Farm, which has a capacity of 102 MW.
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