Major Chinese power firms raise money for renewable projects

China's five major state-run power generation companies will raise money either by an initial public offering or by raising equity.

Shanghai Securities News said that the power firms saddled with high debts and fighting high fuel prices include Guodian Corp, Huadian Corp, Huaneng Group, Datang Corp and China Power Invest Corp. These groups need to fund their string of renewable energy projects.

Guodian parent of GD Power Development Co, Guodian Changyuan Power Development Co 000966.SZ and China Longyuan Power Group Corp is planning to list its unit Guodian Technology and Environment Group and issue yuan denominated bonds through its Longyuan subsidiary this year.

Mr Yun Gongming Huadian General Manager said Huadian Corp parent of Hong Kong listed Huadian Power International Corp Ltd hopes to speed up the public listing of its renewable resources department Fuxin New Energy Co in 2011 as well as its engineering department by 2012.

An unidentified official at Datang Group said the firm would push for its Shanghai-listed subsidiaries, Guaguan Power Huayin Power to raise equity, while China Power Investment Corp was separately planning to list some unspecified units.