China energy SOEs form 10 billion CNY new energy fund in Inner Mongolia

According to a document released by China Resources Power, a group of national energy SOEs (China Resources Power, SPIC, CGN, China Energy, Datang, Three Gorges, TCL, etc.) and local energy groups in Inner Mongolia have signed a Partnership Fund agreement. The total amount subscribed by the parties to the registered capital of the partnership fund is RMB 10 billion (USD 1.5 billion). The local groups will contribute 1 billion CNY while the national SOEs will contribute 1 billion CNY each. The stated purpose of the fund is to help Inner Mongolia achieve its “carbon peaking and carbon neutrality” goals. Among others, this includes investments in new energy high-end equipment manufacturing industries (solar, wind, energy storage, hydrogen, etc.) and contributing to the development of new energy.

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