Chinese outfit SDIC Power Holdings, which owns renewables developer Red Rock Power, has confirmed its intention to issue a share offering to raise money for its overseas clean power business.
SDIC Power Holdings is offering global depositary receipts (GDRs) representing ‘A’ shares of the company.
The GDRs will trade on the Shanghai-London Stock Connect segment of the main market for listed securities of the London Stock Exchange.
The offering will represent up to 10% of the total ordinary share capital of SDIC prior to the offering.
SDIC chairman Zhu Jiwei said: “A listing on the London Stock Exchange will represent the next stage in the development of SDIC Power, following our transformation from a coal-fired power focused company to one of China’s leading clean energy generators.
“With our diversified portfolio of generating assets, we are well-positioned to meet China’s growing energy needs, bringing hydropower from the country’s mountainous west to its industrial east coast.”
He added, “We believe that a flotation on the London Stock Exchange will support our growth strategy, through which we will increase our clean energy capacity and continue our global expansion.
“We will target acquisitions and new projects where we see attractive opportunities, including in Asia and Europe, where SDIC Power is already a co-investor in the Beatrice offshore wind power project, which is the largest operating offshore wind project in Scotland.”