GLP closes $556m renminbi clean energy fund
GLP Capital Partners, an alternatives fund manager controlled by warehouse operator turned logistics and infrastructure investment manager GLP, has closed a CNY 4bn (USD 556m) China clean energy fund.
LPs in the renminbi-denominated vehicle include domestic institutions such as National Green Development Fund as well as feeder funds affiliated with state-owned CHN Energy Investment Group, one of China's largest electricity providers. GLP, which pursues a capital recycling strategy, estimated the fund’s overall deployment would reach CNY 20bn.
The fund will invest in greenfield and developed projects across wind, solar, energy storage infrastructure and related energy management. GLP will be managing the investment, development and operations of the renewable assets through dedicated teams in China.
GLP observed that to meet its internal goals, China is under pressure to increase the non-fossil fuel share of its total energy consumption to 25% by 2030 and 80% by 2060, up from 17.3% in 2022.
Through its private equity investment vehicles, GLP Capital is also active in electric vehicle (EV) infrastructure and related technologies. This encompasses EV cars and batteries, charge-point operating companies, and energy-as-a-service software.
"Renewable energy is one of GLP's key pillars, focusing on facilitating the energy transition across new economy sectors for a sustainable future,” Teresa Zhuge, executive vice chairman and president for China at GLP Capital, said in a statement.
US-based GLP Capital had USD 125bn in assets under management across 54 funds as of March. It was active in China last year, having provided a USD 4bn angel round for Index Technology, a data intelligence business incubated by GLP.
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