Shanghai Electric raising funds to acquire nuclear power assets

Shanghai Electric Power plans to raise CNY9.5 billion or $1.47 billion through private share placement to diversify its power business.

The company plans to use this funds to acquire nuclear power assets from China Power Investment Group, which will buy CNY2.5bn or $390m worth of shares.

Shanghai Electric will issue about 1.83 billion shares to a maximum of ten investors at CNY5.21 or $0.81 a floor price per share.

China, which is building 30 nuclear reactors, has suspended nuclear project approvals following Japan's nuclear crisis.