Deals this week: Huaneng Power International, Atlantic Power, Greenlight Planet

8 December 2017 (Last Updated December 12th, 2017 16:00)

Huaneng Power International has raised gross proceeds of CNY4bn ($604.5m) through tenth tranche of public offering of 4.17% super short-term debentures due March 2018.

Huaneng Power International has raised gross proceeds of CNY4bn ($604.5m) through tenth tranche of public offering of 4.17% super short-term debentures due March 2018.

With a unit face value of CNY100 ($15.11) each, the bonds were placed through a book-building process and issued in the domestic bond market.

Proceeds from the offering are intended to supplement the company’s working capital, clear debts and repay the debt financing instruments due.

Based in China, Huaneng Power International is engaged in the development and operation of power plants. The company has engaged China CITIC Bank Corporation as the lead underwriter for the transaction.

Atlantic Power has announced its intention to raise gross proceeds of up to $250m through an issue of common shares, debt securities, warrants, subscription receipts and units.

Net proceeds from the offering are proposed to be used for working capital and other general corporate purposes.

“Sun Fund has agreed to issue preferred equity to raise funds as part of its first share plus coin offering programme.”

The company has engaged Cleary Gottlieb Steen & Hamilton and MLT Aikins as legal advisors for the offering.

Based in the US, Atlantic Power is engaged in power generation.

Greenlight Planet has issued equity and debt securities to raise $60m in a financing round led by Apis Partners’ Apis Growth Fund I. The company’s existing shareholders Eight Roads Ventures and Bamboo Capital Partners also participated in the funding round.

Debt investment has been provided by Greenlight Planet’s earliest institutional lenders Deutsche Bank and Global Partnerships, while other contributors include SunFunder, PG Impact Investments, responsAbility Investments and Social Investment Managers & Advisors (SIMA Funds).

Greenlight Planet is a US-based company engaged in providing off-grid solar products and financing.

Proceeds from the funding will be used for the expansion of solar-energy product lines and distribution networks and to improve financing capabilities in Africa and Asia.

Apis Partners has engaged Freshfields Bruckhaus Deringer as its legal advisor for the transaction.

Sun Fund has agreed to issue preferred equity to raise funds as part of its first share plus coin offering programme.

The participating investors will receive tokens of equal value, which is applicable to all the US-based investors who make a minimum investment of $100. The company intends to trade the tokens on SEC and FINRA-compliant Alternative Trading Systems (ATS) in 2018.

Proceeds from the offering are intended to bring liquidity and value for renewable energy assets, while supporting the creation of a decentralised renewable energy asset management system.

Itron plans to raise $300m in gross proceeds in a private placement of senior notes due 2025. The bonds are expected to be subscribed by qualified institutional buyers.

The net proceeds from the offering are intended to be used for funding the merger consideration of the Silver Spring, refinancing its existing indebtedness and Silver Spring’s indebtedness and to pay other fees and expenses.

Itron is a US-based company engaged in providing technology and services to the utility market.

CGNPC International has raised gross proceeds of €500m ($594.5m) in a public offering of 1.625% bonds.

Due on 11 December 2024, the bonds were issued at a price of 99.797% and offer an initial yield of 1.65%.

The company has engaged Agricultural Bank of China, Bank of China, BNP Paribas, CCB International (Holdings), China Everbright Bank, Credit Agricole CIB, Industrial and Commercial Bank of China and Societe Generale as book-runners for the offering.

Based in China, CGNPC International is engaged in power generation, transmission and distribution.