Chinese PE firm agrees JV with US solar developer SunEdison
JIC Capital, an investment arm of China’s Central Huijin Investment, has formed a joint venture with SunEdison, a US-listed solar energy developer, to build a solar photovoltaic (PV) plant in China.
The joint venture plans to generate up to one gigawatt (GW) of electricity over the next three years. Several large-scale projects are currently under consideration and construction is expected to start in early 2015. SunEdison may purchase the projects developed by the JV directly or through an affiliate.
China has ambitious plans to increase solar energy from 19 GW to 35 GW by 2015, and to 100 GW by 2020. Similarly, SunEdison has tapped into the world's largest PV market by offering low-cost production for the project.
"Capital contributions will accelerate the growth of the solar market in China, and China's solar PV industry requires international know-how to improve," Jianping Zhang, chairman of JIC Capital, said in a statement.
JIC Capital operates under China Jianyin Investment Corporation (JIC), a wholly-owned subsidiary of Central Huijin Investment. The firm focuses on investment banking and private equity, including industrial funds, venture capital funds, buyout funds and mezzanine investment.
Central Huijin Investment, owned by China Investment Corporation, is also responsible for sizeable investments in the country's major state-owned banks.
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