Home News Sustainability

GIC invests US$200 mil in Sinopec Green

Bloomberg
Bloomberg12/15/2020 03:24 PM GMT+08  • 2 min read
GIC invests US$200 mil in Sinopec Green
The venture, known as Sinopec Green Energy Geothermal Development Co, is considering an IPO in China or Hong Kong as soon as 2021.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

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.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.