To date, Huaneng's total installed capacity is approximately 44 million kW.

"Since raised capital has been mainly used to purchase fossil-fuel and wind-power plants - the latter of which has made limited contribution to the company's profits - the capital raising effort will not add much credit to their earnings," said Liu Bo, an analyst at First Capital based in Shenzhen.

Liu said he will maintain the company's rating at "neutral" by setting its earnings per share target at 0.4 yuan in 2010, on the condition coal prices - a key raw material for Huaneng Power - rise 10 percent this year.

Huaneng Power reported a net third quarter profit of 2.17 billion yuan in 2009, a 261 percent year-on-year increase.

At the same time, its earnings per share were 0.18 yuan, with debt of 141.25 billion yuan.

The company said reducing debt was one of the main reasons for selling shares.