Published on December 1st, 2009 | by Susan Kraemer0
$2.2 Billion IPO For China Wind Power Longyuan
December 1st, 2009 by Susan Kraemer
In one of the renewable energy sector’s largest IPO’s ever, China’s Longyuan Power Group Corp, Asia’s largest wind power generator is raising money in a share offering this month that is expected to raise $2.2 billion, with trading scheduled to begin on Dec. 10.
Who’s buying? Billionaire Wilbur L. Ross for one; is getting $100 million in shares for W.L. Ross & Co. This $2.2 billion Chinese wind power IPO may be the beginning of regular investment activity in renewable energy, regardless of climate considerations.
Other buyers include China Investment Corp. (CIC), which will purchase $400 million, China Life Insurance Group will buy $180 million, Value Partners LTD; $30 million and Bank of East Asia’s Chairman David Li Kwok-po $20 million.
So far only the world’s green billionaires, like the folks at Google (Don’t Be Evil), Richard Branson of Virgin Airways, George Soros, and (to some extent) Warren Buffet let their hopes for a better world be what guides their investments in order to turn the economy towards green energy for altruistic reasons.
But Wilbur Ross is just your garden variety billionaire. Renewable energy is now big business. Not in Silicon Valley, but in China.
Image: Flikr user frogdog*