CGN PE, Morrison & Co in first close on China renewables fund
JIDA Capital Partners, an investment arm of New Zealand’s HRL Morrison & Co, and Shenzhen-based CGN Private Equity have reached a first close of RMB1.87 billion ($292 million) on their China-focused renewable energy fund.
The CGN Capital Partners Fund III, incorporated in Shenzhen's Qianhai district under the Qualified Foreign Limited Partnership (QFLP) program, has a target of RMB5 billion. It received commitments from a range of institutional investors, including two Chinese banks, two asset management companies as well as corporations in the renewable energy sector.
The fund will mainly invest in renewable energy infrastructure assets - with a particular focus on wind, hydro and solar power - which offer sustainable yields with moderate capital gains over a medium-term horizon, the fund manager said in a statement.
"The fund has a strong investment pipeline," said Engang Yin, chairman of CGN Private Equity. "We are looking at a number of opportunities and expect to commit to our first investment very soon."
CGN Private Equity, owned by China General Nuclear Power (CGN), one of the largest clean energy power generation companies in China, currently has about $2 billion in assets under management. JIDA focuses on energy and infrastructure related investment. It parent Morrison & Co. manages listed infrastructure investor Infratil.
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