(Yicai Global) Feb. 12 -- CGN Power Co. [HK:1816], the listed arm of China General Nuclear Power Corp. (CGN), is planning an A-share market listing. Proceeds will replenish its capital and build generating units.
CGN Power plans to issue up to 5 billion new shares, or up to 10 percent of its total, the company said in a filing with the Hong Kong Exchanges and Clearing yesterday. The undisclosed funding amount could reach HKD10 billion (USD1.28 billion) per the number of shares CGN Power offers and its Feb. 9 closing price of HKD2. All proceeds except issue fees will go to recharge working capital and fund construction of the No. 5 and No. 6 generating units at its Yangjiang nuclear plant and the No. 3 and No. 4 ones at its Fangchenggang nuclear plant, the firm said. Its total installed nuclear capacity will rise by 4,532 megawatts when these units activate.
CGN Power became the world's first publicly-owned nuclear power producer with its Dec. 10, 2014 Hong Kong listing. It owns another two Hong Kong-listed arms -- CGN New Energy Holdings Co. [HK:1811] -- which holds non-nuclear clean energy assets, and CGN Mining Co. [HK:1164] -- that focuses on uranium and other nuclear fuels.
CGN Power operates 20 generating units and is building another eight. Nuclear power generators it manages produced 138 billion kilowatt-hours of on-grid electricity last year, per public data. With groundbreaking in late 2015, the No. 3 and No. 4 generating units at its Fangchenggang nuclear plant in China's southwestern Guangxi province will begin commercial operation in early 2021 and will adopt China's home-grown third-generation Hualong One technology. This plant also serves as a model for the UK's CGN-led Bradwell B project.