China Huaneng Group Corp and Datang Corp, the country’s top power producers, plan to float shares of their renewable energy units in Hong Kong in offerings that could raise over $2 billion, sources close to the deals said on Tuesday, reported Reuters.

The deals are unfolding as China aggressively develops its renewable energy sector and the nation’s biggest power firms look to boost investment in the industry to drive future growth.

Huaneng’s renewable energy unit, Huaneng New Energy Industrial Co., plans to raise $1 billion to $1.5 billion in an initial public offering as early as October, sources close to the deal said on Tuesday.

China Datang Corp, the country’s second-largest power producer, also plans to float shares of its renewable energy unit in a Hong Kong IPO as early as December, sources familiar with the deal said.

The wind power unit of China Huaneng Group plans to issue no more than 2.9 billion shares in Hong Kong at between 3 to 4 yuan per share, China Daily said, citing a source familiar with the matter.

Source : Konaxis