Alternative asset manager GLP Capital Partners has secured about CNY 4 billion (USD 556m/EUR 506m) in total capital commitments for a clean energy fund that will seek to invest in wind, solar, energy storage infrastructure and related energy management solutions in China.
The fund, which targets about CNY 20 billion in total financing, attracted support from various local institutions such as National Green Development Fund and feeder funds affiliated with CHN Energy Investment Group, one of China’s largest electricity providers and a prominent state-owned enterprise in the energy sector.
GLP, which had USD 125 billion (EUR 114.1bn) in total assets under management across 54 funds as of end-March, said in the statement that it will look to invest in both greenfield projects and existing assets. The company is already developing a multi-gigawatt renewables portfolio in China across distributed and ground-mounted solar, wind and battery storage solutions.
(CNY 10 = USD 1.391/EUR 1.266)
(USD 1 = EUR 0.913)