China nuclear power plant development

Chinese-state owned China National Nuclear Power is planning to raise up to $2.6bn in an initial public offering to fund nuclear-power projects, as the government continues to champion nuclear and renewables in a bid to counter pollution.

The company proposed to sell up to 3.65 billion new shares, or 25 per cent of its enlarged capital, ahead of a listing on the Shanghai Stock Exchange, according to a draft of its IPO plan released on Sunday on the China Securities Regulatory Commission website.
The proceeds from the IPO will help finance four nuclear power projects in Fujian, Zhejiang, Hainan and Jiangsu province, the company said.

China’s reliance on coal-fired plants has encouraged Beijing to seek alternative-energy sources, such as nuclear and wind power. Last month, Premier Li Keqiang reiterated Beijing’s intention to boost clean energy, citing plans to build new nuclear plants with state-of-the-art safety measures on China’s eastern coast.

China aims to reach 200 gigawatts of nuclear capacity by 2030, up from 14.6 gigawatts last year. But the nation must first overcome a number of hurdles.