SHANGHAI: Huaneng Power International Inc, the listed arm of the country's largest domestic electricity corporation, said yesterday it plans to raise 8.55 billion yuan in a private share placement to fund new energy projects and reduce debt.

The company's stock surged as high as 5.3 percent to 8.28 yuan in yesterday morning's session before ending up at 8.02 yuan on a 2.04 percent gain.

The power generator said in a statement to the Shanghai Stock Exchange yesterday that it plans to sell as many as 1.2 billion A shares for a minimum of 7.13 yuan each.