Three Gorges looks West for financing

The company developing the world`s largest hydropower project is drawing up plans for a share listing on the Hong Kong and New York stock exchanges. The China Three Gorges Project Corp. aims to tap international investors for 20 per cent of the financing for the $25bn project.

The plans for the initial public offering are at an early stage and must be approved by China`s cabinet. Around 60 per cent of the financing is being met by the state, and pressure has been mounting on China Three Gorges to raise funds from elsewhere.

The first generator of the Ertan hydropower station came on line for the first time in mid-August. The 550 MW generator met the design load and speed requirements under trial operation, and will enter commercial operation after performance testing. The second of six generators will start operation in November.