China Nuclear Group seeks to raise $2bn

China’s biggest producer of nuclear power is seeking to raise $2bn through an initial public offering (IPO).

Bloomberg reports that China General Nuclear Power Groupà‚ plans to appoint ABCI Securities Co, Bank of America Corp and China International Capital Corp as joint sponsors for an IPO in Hong Kong.
The move is in response to the Chinese government’s cleaner energy strategy, as Beijing aims to reduce its coal-fired power capacity. The country plans to add 8.6 GW of nuclear power capacity this year, the National Energy Administration said in January.

General Nuclear has the capacity to generate 11.6 GW of nuclear power, more than half the nation’s total, according to its website.

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