GD Power Development will issue convertible bonds worth CNY5.5bn ($862m) to fund the power projects across China.

The proceeds raised by the issue of bonds will be used to fund five hydropower projects and 11 wind power projects.

GD Power secured permission from the China Securities Regulation Commission to issue the bonds for a period of six years, reports Reuters.

The company intends to increase its total installed power generation capacity by 23% to 60,000MW by 2015, 41% of which will come from renewable energy sources.