Domestic

China's GD Power to raise 9.7b yuan via placement

(Agencies)
Updated: 2010-12-15 09:27

SHANGHAI - China's GD Power, a unit of State-owned Guodian Corp, plans to raise not more than 9.7 billion yuan ($1.46 billion) via a share placement and has set a sale price at 3.19 yuan per share, it said on Wednesday.

The company said proceeds from the sale of no more than?three billion shares will be used for acquisition of four firms owned by parent company Guodian that are involved in five different power projects.

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GD Power, which is in the midst of constructing nine power plants, said it plans to lift its total installed generation capacity by 23 percent to 60,000 megawatts by 2015, of which the proportion of renewable energy source would be increased to 41 percent from the current 25.5 percent.