China Datang Corp plans to float shares of its renewable energy unit in a Hong Kong IPO, expected to raise at least $1bn, according to sources close to the deal.

Analysts expect a potential wave of issuance from the nation’s power producers at a time when valuations of Chinese wind assets are high, reports Reuters.

Datang has held discussions with several banks to underwrite the offering, which includes hydro and wind power assets.

None of the banks have been mandated yet and the company has not made a comment.

China is now the world’s largest market for wind power after it more than doubled its wind generation capacity to 25GW last year.

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