China National Nuclear Power Co Ltd plans to raise 16.3 billion yuan ($2.60 billion) in the industry’s first initial public offering, as part of the world’s biggest expansion of civilian nuclear power capacity.
State-owned China National Nuclear said in a preliminary prospectus on the regulator’s website that it plans to sell 3.651 billion shares, or 25 percent of its enlarged capital base, to fund projects and replenish working capital.
The listing would be part of the government’s drive toward cleaner energy, under which it aims for installed nuclear power capacity of 58 gigawatts (GW) by 2020 from 14.6 GW in 2013, rising to 200 GW by 2030 – a goal analysts labeled ambitious.
200 GW will be double the current level of nuclear power in the United States.
China, the world’s largest power producer, has emerged as the biggest market for nuclear plants, approving four to eight projects a year for the rest of the decade, many using U.S. or French technology, according to some estimates.
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