Slaughter and May is advising CLSA Capital Markets on the privatisation of Huaneng Renewables Corporation

31 Oct 2019

Slaughter and May, through its Beijing and Hong Kong offices, is advising CLSA Capital Markets Limited as the financial adviser to the offeror, China Huaneng Group Co., Ltd. (China Huaneng), on the privatisation of Huaneng Renewables Corporation Limited (Huaneng Renewables), a company incorporated in the PRC and listed on the Hong Kong Stock Exchange. The privatisation is structured as a voluntary conditional offer to acquire all the issued H shares of Huaneng Renewables coupled with delisting of the H shares from the Hong Kong Stock Exchange.

The proposal was announced on 3 October 2019. Pursuant to the terms of the offer, the value of the offer is approximately HK$15.9 billion (US$ 2.03 billion).

Huaneng Renewables is engaged in investment, construction and operation of new energy projects. The group focuses on developing and operating wind power projects while promoting synergistic growth of solar and other renewable energies.

China Huaneng is a key state-owned enterprise established with the approval of the State Council of the PRC, and is an integrated energy company primarily focused on power generation. It was the first Chinese power producer to join the ranks of Fortune 500 Companies, ranking 289th in 2018.

Contacts

Contacts: Charlton Tse (partner), David Chan (associate), Gloria Hsu (associate), Sarah Peterson (associate)


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