China Resources Power (CRP), one of the largest mainland power producers listed in Hong Kong, has received approval to spin off its renewable energy arm for a separate listing in Shenzhen, marking a key step in a years-long plan to tap capital markets amid strong demand for new energy.

The Shenzhen Stock Exchange’s listing committee approved the proposed A-share offering of China Resources New Energy Holdings on April 28, according to a filing by CRP. The deal, however, still required registration approval from the China Securities Regulatory Commission and remained subject to market conditions, the company said.

The approval marks a step forward for a plan first announced in March 2023, bringing the state-backed power producer close to the final stage after roughly three years of preparation.

China Resources New Energy, which houses the group’s wind and solar assets, is seeking to raise about 24.5 billion yuan (US$3.6 billion) from the initial public offering (IPO), potentially making it one of the largest new energy listings in Shenzhen in recent years. The proceeds would be used to fund the construction of wind and solar projects, according to the company’s prospectus.

The unit has built a sizeable nationwide footprint. As of the end of 2025, its installed capacity reached about 41.6 gigawatts, with wind accounting for the majority and solar making up the rest, the prospectus showed. Its power plants spanned 31 provinces, positioning it among the leading renewable energy operators in China.