Asset manager GLP Capital raises $556 million for renewable investment in China

(Reuters) -Asset manager GLP Capital Partners said on Tuesday it raised 4 billion yuan ($556.17 million) from China’s green development fund and funds associated with a state-owned energy investment firm for renewable energy investments in the country.

The overall investment of the fund is expected to reach about 20 billion yuan, GLP Capital added.

“The capital raised provides dry powder for renewable energy investments across wind, solar, energy storage infrastructure and related energy management solutions, and the fund will target both greenfield projects and acquisitions in these sectors,” the asset manager said.

GLP Capital, which manages assets worth $125 billion across 54 funds as of March 31, has secured commitments of 4 billion yuan from the National Green Development Fund of China and funds affiliated with CHN Energy Investment Group.

($1 = 7.1920 Chinese yuan)

(Reporting by Sameer Manekar in Bengaluru; Editing by Subhranshu Sahu and Rashmi Aich)