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Today in Cleantech

How appropriate that the first big IPO news of the new year comes from China. Sinovel Wind, China’s biggest wind turbine producer, announced Tuesday that it plans to raise about 9.46 billion yuan ($1.4 billion) in an initial public offering, Reuters reports. That valuation is about about three times Sinovel’s initial goal of 3.45 billion yuan, and would make its debut the richest ever on the Shanghai stock exchange. Sinovel has precedent, however — China led the world in IPOs last year, with nearly $72 billion raised on the Shanghai and Shenzhen exchanges. Of course, the wind industry has seen a marked slowdown in the second half of 2010, and that’s led to slowdowns in wind power IPOs. In the United States, First Wind canceled its $1.2 billion IPO plans in October, and in December, China’s third-largest wind turbine maker, Huaneng Renewables, postponed its own $1.28 billion IPO on the Hong Kong exchange. No doubt the greentech investment community will be watching Sinovel closely to see whether the new year brings new fortunes to wind power public offerings.