The cooperation agreement on establishing the China Energy New Energy Industry Investment Fund ( “China Energy Fund” in short) was signed in Beijing on January 22, 2021. Liu Guoyue, President of China Energy, Zhou Yubo, Chairman of China Reform Holdings Corporation Ltd., and Wu Yue, Chairman of China Orient Asset Management Co., Ltd., attended the signing ceremony, under the witness of Meng Xiaotong, a senior official from the State-owned Assets Supervision and Administration Commission of the State Council. Cai Anhui, chief accountant of China Energy, presided over the signing ceremony. Yang Jiping, CEO of China Shenhua Energy Co., Ltd. signed the partnership agreement with representatives from other initiators of the China Energy Fund.
The China Energy Fund is the first fund initiated by China Energy, and partners include China Shenhua, Guohua Investment, Guoxin Asset Management, and China Orient. Guohua Asset Management Co., Ltd., a wholly-funded subsidiary of Guohua Energy Investment Co., Ltd., serves as the manager of the fund. With an initial amount totaling 10.02 billion yuan, the China Energy Fund focuses on investing in new technological projects of emerging industries such as wind power, photovoltaic power, hydrogen energy, energy storage, and integrated smart energy. After the fund goes into operation, it is expected to stimulate about 50 billion yuan of capital to flow into the new energy industry, and support the launch of wind and photovoltaic power projects with installed capacity exceeding 6,000 MW. It aims to comprehensively strengthen and enhance China Energy’s capability in capital investment and industry operation.
In his speech, Liu Guoyue noted that as China strives to peak carbon dioxide emission by 2030 and fulfill its pledge to achieve carbon neutrality before 2060 while continuing to promote the reform of state-owned enterprises, China Energy joined hands with China Reform Holdings and China Orient to launch the China Energy Fund, indicating these companies’ great sense of responsibility. Now that the Fund has been established, China Energy will accelerate the large-scale development of clean energy through self-reliant construction, investment fund and other efforts.
Zhou Yubo pointed out that China Reform Holdings’ participation in the establishment of the China Energy Fund was intended to fulfill the goal of carbon emission peak and carbon neutralization, support centrally administrated enterprises’ efforts to remove non-core and disadvantageous businesses and promote disposition of non-effective assets, and boost the clean, low-carbon development of China’s energy sector.
Wu Yue said that as a financial institution, China Orient will give full play to its advantages in business acquisition and reorganization, mezzanine investment and bridge financing, so as to provide comprehensive support for the implementation of China’s new energy strategy.
Representatives of relevant departments and subsidiaries of China Energy also attended the signing ceremony.