China's Huaneng Renewables plans to issue up to RMB 2 billion bonds

By Susanna Moon

Chicago, May 11 - Huaneng Renewables Corp. Ltd. said it plans to issue up to RMB 2 billion principal amount of corporate bonds in one or more tranches in China.

Proceeds will be used for working capital.

The issue is meant "to actively cope with the ever-increasing capital costs in 2012 and enhance capital operation and reduce financing costs of the company," according to a company notice.

Huaneng Renewables, formerly Huaneng New Energy Industrial Co., Ltd., is engaged in wind power generation and sales in the People's Republic of China. The company is based in Beijing.

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