Meiya Power, the North American-funded Asian independent power producer (IPP), aims to list on Hong Kong's main board in the next two years to raise about US$400 million, according to its chairman, Colin Tam.
The company is 50 per cent held by international energy producer PSEG Global, 30 per cent by Asia Infrastructure Fund - a US$779.5 million equity fund investing in Asian utilities - and 20 per cent by Canada's Hydro Quebec, one of the world's largest hydropower producers.
Total generating capacity for the company is 2,300 megawatts but it hopes to double that within a year to 5,000 MW, a level Mr Tam said was considered a decent operating scale for a listing.
China's largest IPP, listed Huaneng Power International, has generation capacity of about 13,895 MW. Fellow H share Beijing Datang Power Generation has 6,170 MW and Shandong International Power about 5,000 MW.
'A 2003-2004 IPO [initial public offering] is in our business plan,' Mr Tam said. 'How soon it will happen will depend on the progress of our acquisition plans.'
Meiya planned to invest in power plants in China and Southeast Asia with generating capacity of more than 300 MW and was in talks to invest in plants in South Korea, the Philippines and Thailand, he said.