China National Nuclear Power Co is moving closer to its initial public offering after the government approved the company's environmental protection report, according to the website of the Ministry of Environmental Protection.

The company plans to raise money to fund five projects worth over 173 billion yuan ($27.3 billion), in one of China's largest IPOs.

The statement did not specify its fundraising target and the timetable of IPO, which still needs to be approved by the securities regulator.

The company - which was established by China National Nuclear Corp in December 2011 - has nine reactors in operation and another 10 under construction.

China suspended new project approvals since Japan's nuclear crisis last year. The government conducted a thorough safety check of the reactors in operation and under construction.

Experts said that China is about to lift the suspension after it issued its nuclear safety plan at the end of May.

The country is likely to set its 2020 target at 70 gigawatts (gW), down from 80 gW previously.