Sinohydro Group Ltd is seeking to fund 17.3 billion yuan of ($2.7 billion) projects, will begin selling shares next week in what may be China’s biggest initial public offering in more than a year, Bloomberg reported.

The nation’s biggest builder of dams will begin selling as many as 3.5 billion shares in Shanghai from September 26, the Beijing-based company said. The shares will be priced on September 23.

The company is expanding overseas and in China, where its building hydroelectric stations and wind farms as part of the government’s push to reduce the nation’s reliance on coal to fuel the world’s second largest economy.

The offering comes at a time when the Shanghai composite Index fell 13% this year amid a global economic slowdown. The initial offering would be the biggest since China Everbright Bank Co raised 18.9 billion yuan in August last year.

The exercise of Everbright Bank’s over-allotment option increased the amount it raised to 21.1 billion yuan. The institutional buyers can buy the shares from September 26 while subscription for retail investors opens September 27, Sinohydro Group stated.

China Securities Regulatory Commission, the country’s stock market regulator approved the IPO application on July 29. The proceeds from the share sale will help fund construction of projects including a hydropower dam in the southwest Chinese province of Sichuan and a wind farm in the northern province of Gansu, Sinohydro said.

The Chinese company has also won construction projects in Asia, Africa and South America. The funds will also be utilized for dam in Cambodia. 

The Chinese dam builder is also in talks to build a hydropower station in Costa Rica. In June, Sinohydro also won a contract in June last year to help Eucador build a $1.68 billion hydropower plant in the country’s Amazon region in what would be the Latin American country’s biggest engineering project.

Sinohydro is a Chinese state-owned hydropower engineering and construction company. The company is engaged in architectural projects, electric power investment, house property and real estate, research and development and design and manufacture of construction equipment.

It provides investment, project financing, consultation and construction services. It is also engaged in manufacturing and installation of mechanical and electrical plants.