SDIC Power completes $970m private placement to Social Security Fund

SDIC Power Holdings (SSE: 600886) announced the successful completion of its private placement of A-shares to the National Council for Social Security Fund, according to a filing with the Shanghai Stock Exchange. The placement, approved by regulators in January, involved the issuance of 550,314,465 shares at a price of 12.72 RMB (approximately $1.76 USD) per share, resulting in gross proceeds of 6.99 billion RMB (approximately $970 million USD) and a total capital increase to 8,004,494,262.00 RMB. The funds will be allocated to investments into clean energy projects including the Mengdigou Hydropower Station and the KaLa Hydropower Station. With this investment, the National Council for Social Security Fund now holds 6.88% of the total shares of SDIC Power, making it a key stakeholder.