Chinese clean energy firm PCG Power is planning an initial public offering in Hong Kong and could file its listing application as early as August, four people with knowledge of the matter said.
PCG Power did not respond to a Reuters request for comment.
PCG Power is targeting a valuation of $2.5 billion to $3 billion for the offering, said one of the sources.
IPO proceeds are expected to fund the company’s expansion in solar, energy storage, power trading and overseas markets, said a second source.
The IPO size has not been determined and the plan could change depending on market conditions, the sources said, declining to be named as the information is private.
Established in 2022, PCG Power invests in, builds and operates commercial and industrial distributed photovoltaic and clean energy power stations, according to its website.
It serves more than 100 Chinese cities and has expanded into Saudi Arabia, Oman, Japan, Singapore, Indonesia and New Zealand, the website says.
PCG Power has about 2 gigawatts of grid-connected generating capacity and has invested in and built solar power stations in more than 20 Chinese provinces, the site says.
PCG Power‘s backers include Singapore state investor Temasek, Saudi Aramco’s venture capital arm Aramco Ventures, China-focused investment firm NIO Capital, logistics investment firm GLP Partners and European investment group Eurazeo.
Reuters
