China’s US$300 billion sovereign wealth fund will buy a 20 percent stake in the Hong Kong-listed co-generation power plant operator GCL-Poly Energy in a deal worth US$717 million. The two entities will also establish a joint venture to develop solar power projects.
CIC has also agreed to purchase US$300-$500 million in shares in wind energy company China Longyuan Power Group's initial public offering. Analysts say the deals are evidence of the Chinese Government's support for the clean energy sector.
Sources: The Wall Street Journal and the China Economic Review
