The Brazilian subsidiary of China’s state-owned energy company China Three Gorges Corp has withdrawn from an initial public offering (IPO) in Brazil, according to information from the Securities and Exchange Commission of Brazil (CVM) on the 21th of July.

CTG Brasil, one of the country’s largest power generators, filed for an IPO last November and intended to use the funds raised to its proceeds to pay dividends to shareholders and invest in new renewable energy projects.

The company has 8.3 gigawatts of installed capacity and operates 17 hydroelectric plants and 11 wind farms in 11 Brazilian states. The plan was to raise $1 billion with the offering, three people with knowledge of the matter told Reuters in October.

The withdrawal occurred in early May, according to CVM, but the information in the agency’s system was only updated on July 21.

(Source: Invest News)