FRIDAY NOTE: Mighty River Power's IPO hits USD 1.4bn and the rest of the week's top picks

May 10, 2013 - This week New Zealand's Mighty River Power raises USD 1.4 billion in IPO, sources tell Bloomberg that EU duties on Chinese solar panels could go up to 68% and China Resources Power agrees to buy 1.6 GW of wind assets for USD 553 million.

On Wednesday geothermal and hydropower producer Mighty River Power said the price for its initial public offering (IPO) had been fixed at NZD 2.50 (USD 2.08/EUR 1.60) per share, meaning that it raised some NZD 1.7 billion. The state kept a 51% stake in the company, while it sold 686 million shares, or 49% of its share capital, to retail and institutional investors.

More details on: http://renewables.seenews.com/news/mighty-rivers-ipo-brings-usd-1-4bn-to-new-zealand-351661

EU DUTIES ON CHINA SOLAR TO GO AS HIGH AS 67.9%

The European Union (EU) may levy anti-dumping duties on imports of Chinese solar products of up to 67.9%, Bloomberg said Wednesday, citing a top official. The levies, seen to be at 47.6% on average, will be imposed on over 100 Chinese firms.

More details on: http://renewables.seenews.com/news/eu-anti-dumping-duties-on-china-solar-imports-to-go-as-high-as-67-9-report-351835

DEVELOPERS MAKE STEPS ON HUGE SOLAR PROJECTS IN MYANMAR, CHINA

While all eyes are on the solar trade war in Europe, expecting official statements any moment now, emerging markets are gaining momentum. Thailand's Green Earth Power (GEP) is looking for joint venture partners for a 210-MW solar plant in Myanmar, the Bangkok Post reported Saturday. The company's managing director, Supasit Skontanarak, was quoted as saying that GEP is holding negotiations with potential investors for the project, valued at almost USD 302 million.

At the same time, China Merchants New Energy Group (CMNE) said Thursday it had agreed to create a local joint venture to build some 300 MW of solar plants in the Xinjiang region of northwestern China by 2015. The plan is to spend USD 488 million on the projects.

More details on: http://renewables.seenews.com/news/green-earth-power-seeks-parners-for-210-mw-solar-park-in-myanmar-report-351211
and: http://renewables.seenews.com/news/china-merchants-new-energy-forms-xinjiang-jv-for-300-mw-solar-plan-352144

ROLAND BERGER SEES EUROPE OFFSHORE WIND AT 40 GW by 2020

Moving to the wind energy front, and more specifically offshore wind, early this week German consulting firm Roland Berger released a report saying that Europe's installed offshore wind power capacity will total 40 GW by 2020, with combined global investment in the sector estimated at around EUR 130 billion.

More details on: http://renewables.seenews.com/news/roland-berger-sees-europe-offshore-wind-at-40-gw-by-2020-351218

SUZLON TO SHED USD 400M of NON-CORE ASSETS, VESTAS CUTS LOSSES

Indian wind turbine maker Suzlon Energy Ltd (BOM:532667) intends to dispose of non-core assets for up to USD 400 million, seeking to repay part of its debt, chief financial officer Kirti Vagadia told the Press Trust of India. According to him, Suzlon would unload 15 non-core operations in stages during the following 12-18 months.

In Europe, Danish peer Vestas Wind Systems A/S (CPH:VWS) saw its first-quarter loss before interest, tax and special items nearly halve to EUR 108 million from EUR 204 million. The company posted a net loss of EUR 151 million, narrowing it slightly from EUR 162 million a year ago.

More details on: http://renewables.seenews.com/news/suzlon-to-shed-usd-400m-of-non-core-assets-to-repay-debt-report-351035
and: http://renewables.seenews.com/news/vestas-q1-loss-narrows-to-eur-151m-351605

CHINA RESOURCES POWER TO BUY 1.6 GW OF WIND IN USD-553M DEAL

Last but not least on Friday China Resources Power Holdings Co Ltd (HKG:0836) said it had agreed to acquire Elite Wing Ltd which has 500 MW of operating wind farms and 1,112.4 MW under construction for some HKD 4.29 billion (USD 553m/EUR 426m) in cash.

More details on: http://renewables.seenews.com/news/china-resources-power-to-buy-1-6-gw-of-wind-assets-in-usd-553m-deal-352245

(USD 1 = EUR 0.769)

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