China Three Gorges (CTG) plans to launch an initial public offering (IPO) in Shanghai with the objective to raise CNY25bn (US$3.5bn). The company would sell up to 8.57 billion shares, i.e. up to 30% of its renewable subsidiary China Three Gorges Renewables Group, which holds a total capacity of more than 10 GW of solar, wind and small hydro plants. Thanks to the IPO, China Three Gorges would finance 7 offshore wind parks for CNY20bn (US$2.8bn) and use the remainder as working capital.
In addition, CTG plans to create a subsidiary that would own international assets, especially in Latin America. The group has been active in Brazil since 2015, where it operates hydropower plants. In October 2019, China Three Gorge acquired Sempra Energy's electricity assets in Peru for US$3.6bn. The sale includes Luz del Sur, Tecsur (electric construction and infrastructure services) and Inland Energy (Luz del Sur's generation business).
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