US-based power firm China Hydroelectric, which holds assets in China, intends to raised US$200 million in an initial public offering on the Hong Kong stock market, reported the South China Morning Post. The company filed initial documentation with the Hong Kong stock exchange in January. An unnamed source claimed the company had also filed IPO documentation in the US last year but decided not to proceed. Deutsche Bank and Merrill Lynch have been hired to arrange share sales. The company privately placed shares twice last year, raising US$150 million and US$101 million in January and August, respectively. Merrill Lynch has invested US$70 million in the company. China Hydroelectric was formed in 2006 to acquire and operate built hydropower assets on the mainland, hoping to benefit from the renewable energy law passed in China the same year, which mandated that the national grid purchase all power generated from hydroelectric sources.
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