(Bloomberg) — Shares of CECEP Wind Power Corp. surged by
their daily limit in Shanghai on Wednesday after the company
announced plans to raise as much as 3 billion yuan ($479
million) selling shares to fund wind farms.
CECEP Wind, a unit of state-owned clean-energy developer
China Energy Conservation & Environmental Protection Group, will
sell 315.5 million shares for at least 9.51 yuan each, the
Beijing-based company said in a filing Tuesday.
The shares rose 10 percent to 11.77 yuan as of 10:49 a.m.
local time. They’ve gained more than fivefold since their
September debut, giving the developer and operator of wind
projects a market value of about 21 billion yuan.
CECEP will use the proceeds from the share sale to help
build four wind farms with a combined capacity of 550 megawatts.
The projects are estimated to cost 5.5 billion yuan.
To contact the reporter on this story:
Chisaki Watanabe in Tokyo at
cwatanabe5@bloomberg.net
To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Iain Wilson, Indranil Ghosh