Huaneng Group linked to $1b wind power IPO

China Huaneng Group intends to raise at least US$1 billion by listing its wind power unit in Hong Kong this year, Bloomberg reported, citing four people familiar with the plan. The company, China’s largest power producer, is said to have hired China International Capital Corp, Goldman Sachs, Macquarie and Morgan Stanley to arrange the initial public offering. China Longyuan Power Group, the nation’s biggest wind-power producer and a unit of China Guodian Corp, raised US$2.6 billion through its Hong Kong IPO in December. It was the world’s second-largest alternative energy IPO since 1999. Huaneng is participating in the development of a US$14.6 billion wind farm in Jiuquan, Gansu province, which will have a total installed capacity of 10.65 gigawatts. China’s wind power capacity was 25.1 gigawatts at the end of 2009, according to the Global Wind Energy Council.