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. China's state-owned State Power Corp (SPC), which controls 46 per cent of the country's power-generation assets, will be split into five groups to introduce greater competition. Analysts expected its assets would be gradually sold to the IPPs starting from next year, when a two-year ban on the sales of its assets is expected to be lifted. The sweeping industry reform will bring about acquisition opportunities for IPPs at home and abroad as Beijing tries to raise cash to finance a much-needed expansion in power transmission and distribution infrastructure by selling SPC assets. Mr Tam said Meiya had more than five years' profit track record and had far exceeded the minimum listing requirement of above HK$50 million of total net profits in three years. The company, with net assets of more than US$300 million, has invested in nine plants on the mainland and one in Taiwan. Seven of the 10 plants are operating and three are under construction. It has also received approval to build China's first large-scale natural gas-fired power plant in Gansu, Mr Tam said. Construction tendering has begun for the 600 MW plant, estimated to cost more than US$300 million.