Sinovel has announced plans to raise CHY3.5bn ($512m) through an initial public offering on the Shanghai Stock Exchange.

The firm is the third of the big three Chinese wind turbine manufacturers, after Goldwind and China Huaneng Group to seek IPO in 2010, writes Windpower Monthly.

The large-scale wind turbine developer and manufacturer plans to issue 100 million general public shares, amounting to 10% of its gross assets to collect about CHY3.5bn.

The company is also in talks to develop manufacturing bases and research and development centres overseas.

The application for the IPO will be filed in March and the offering will be launched in October 2010 with Dalian Heavy Industries maintaining its 20% holding in the firm as its biggest shareholder.

Sinovel said it aims for overseas sales to eventually account for 30-40% of total revenue.