The company building the world's first AP1000 reactors in China has filed for a $2.6 billion IPO to raise capital for further nuclear plant construction.
China National Nuclear Power, a subsidiary of China National Nuclear Corp., notified securities regulators that it plans to issue up to 3.65 billion shares, the South China Morning Post reported. One of the largest Chinese IPOs in recent years, it will help fund 4.32 gigawatts of new nuclear generation at Fuqing, 1.3 gigawatts at Changjiang, 2.25 gigawatts at Tianwan and 2.5 gigawatts at Sanmen.
CNNP's parent company operates nine reactors at Qinshan and Tianwan, according to the World Nuclear Association. The company is currently involved in the construction of an additional 12 units, with more expected to break ground in the next two years. Among the company's construction projects, Sanmen 1 and 2 are of the AP1000 design by Pennsylvania-based Westinghouse. They are expected to enter service next year.