CTG Renewables receives regulatory approval for Shanghai IPO

China Three Gorges Renewables (Group) Co., Ltd., the new energy arm of China Three Gorges Corporation (CTG), said it has received the approval from China Securities Regulatory Commission (CSRC) on April 23 for initial public offering in Shanghai. The company will work with the lead underwriter to set the IPO timeline with Shanghai Stock Exchange and publish the prospectus.

CTG Renewables’ main business scope includes the development, investment and operation of wind and solar power. Committed to its strategic goal of becoming a leading wind and solar power developer, the company has presence in 30 provinces and regions. It is now one of the most profitable new energy firms in China. The company leads the industry in terms of the installed capacity of solar power and offshore wind power in the country.

According to the prospectus it filed in October 2020, CTG Renewables plans to sell up to 8.571 billion shares, or not more than 30% of the company's total share capital after IPO, which follows regulatory requirements on the minimum issuance ratio set by the stock exchange. With the IPO costs deducted, the net proceeds will be used for the construction of offshore wind farms and replenishing the working capital.