On the 8th of August, Singapore asset manager GLP Capital Partners announced a RMB4 billion (USD554 million) capital raise for renewable investment in China. The capital was secured from national institutions, including China’s Green Development Fund and state-owned CHN Energy Group associated funds. In the press release, GLP Capital Partners specified that the overall investment of the fund is expected to reach around RMB20 billion (USD2.7 billion) across wind, solar, energy storage and related energy management solutions. The company currently manages USD125 billion worth of assets across 54 funds.
Support from one of the biggest power utilities in the world
China Energy Investment (CHN Energy), was established in 2017 following the merger of China’s top coal miner Shenhua Group, and power producer Guodian Group. The combined entity, directly managed by the central government, is one of the largest power utilities in the world. In 2021, the group was managing RMB1.9 trillion (USD263 billion) with revenue of RMB690 billion (USD95 billion) and a total installed power capacity of 271GW.
Image credit: GCP