Singapore’s sovereign fund GIC Pte has invested US$200 million ($26.7 million) in a geothermal heating company backed by China’s biggest oil refiner, people with knowledge of the matter said.

The venture, known as Sinopec Green Energy Geothermal Development Co., is considering an initial public offering in mainland China or Hong Kong as soon as next year, said the people, who asked not to be identified as the information is private. It is currently valued at around US$1 billion, one of the people said.

Sinopec Green Energy’s shareholders include state-owned energy producer China Petroleum & Chemical Corp., or Sinopec. Its joint-venture partner, Iceland’s Arctic Green Energy Corp., said last week it had raised a US$200 million funding round dedicated to Sinopec Green Energy, without identifying the investor.

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