Sinovel Plans $500m IPO
Chinese wind turbine manufacturer Sinovelsaid it plans to raise more than $500m through an initial public offering (IPO) and list on the Shanghai Stock Exchange, according to reports. The company, which recently completed its Shanghai Donghai Bridge 102MW offshore wind power demonstration project, hopes to raise $513m when it goes public.
Sinovel manufactured and erected more than 1400MW of 1.5MW wind turbines in 2008 and more than 3000MW of 1.5MW and 3MW turbines last year, having launched the 3MW model in December. Earlier in 2010 it began construction of a 5MW wind turbine facility in Jiangsu, China, that will house the company’s large-scale production of 5MW offshore turbines.
Dalian Heavy Industries has a 20 per cent stake in Sinovel, which has four manufacturing sites in total in the Dalian, Jiangsu, Inner Mongolia and Gansu provinces.