GSR Ventures to invest $580m in China new energy play
GSR Ventures has agreed to invest a total of RMB3.6 billion ($580 million) in Wuhan Kaidi Electric Power, a Shenzhen-listed clean energy technology provider.
According to a regulatory filing, the investment will support Kaidi's new energy production project located in Guangxi Zhuang Autonomous Region. It has a target output of 60,000 tons of biological synthetic oil to be extracted from palm trees imported from Southeast Asia.
As part of the deal, GSR will commit RMB600 million this year to seed the project. An additional RMB3 billion will come next year and be used for operational capital. Meanwhile, Kaidi will borrow RMB5.4 billion from financial institutions, including banks, to finance the project.
Founded in 2007, the company has built a dozen of biological power plants in the provinces of Hunan, Hubei and Anhui, as well as in Chongqing, consuming several hundred tons of forestry and agricultural residues every year, according to the company.
GSR Ventures, which has a partnership with US-based Mayfield Fund, currently has $1.3 billion under management.
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