Hubei Energy plans private placement to boost renewable capacity

Hubei Energy Group (SZSE:000883) is set to enhance its renewable energy capabilities through a private placement of A-shares to its controlling shareholder, China Three Gorges Corporation. The offering, capped at CNY 2.9 billion, will fund the Luotian Pingtan Pumped Storage Power Station project, a key initiative to integrate more renewable energy sources into the grid. The project is aimed at strengthening Hubei Energy’s position as a major player in the region’s clean energy transition, with the company emphasizing its commitment to green, low-carbon development. While the stock price has been set at CNY 4.95 per share, the transaction still requires the approval of the Shenzhen Stock Exchange and the China Securities Regulatory Commission. The transaction underscores Hubei Energy's commitment to transitioning towards a more sustainable energy portfolio.