Guangxi Fangyuan Electric Power plans to raise more than US$120M in an initial share sale to double its generating capacity as China faces its worst power shortages in more than half a century.
The money is to finance two 300MW coal-fired plants and eight 60MW hydroelectric stations in southern Guangxi province. The company aims to sell shares in Hong Kong, where four China power producers are already listing and another share sale is pending. It may have the shares ready for by this November. Commissioning of the plants, scheduled for 2006, will nearly double Fangyuan’s generation capacity of 1170MW.