China Power International, run by the daughter of former Premier Li Peng, says it will spend up to $4 billion by 2010 to develop renewable energy sources.
The company is considering listing on mainland stock exchanges to help bankroll the investment, which would be one of the largest ever in renewable energy.
China intends to spend an estimated $200 billion on renewable energy over the next 15 years and has ordered its largest power firms to derive 5% of their generation from renewables by the end of 2010 and by 10% by 2020.
State-run firms including China Power, Huaneng Power and Datang International Power are gearing up commercial projects.
By 2010, China Power International plans 1,000 megawatts (MW) of renewable energy, with another 1,000 MW under construction and another 1,000 MW in the pipeline.
“It typically takes 8 to 10 billion yuan to build 1,000 megawatts of renewable capacity. So the total investment will be 24 to 30 billion yuan ($3.1-$3.9 billion),” said Liu Genyu, Oriental Investment’s COO.
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