AppId is over the quota
AppId is over the quota
LONDON | Tue Sep 20, 2011 11:27am BST
LONDON (Reuters) - Beijing-based Origo Partners Plc (OPP.L) and UK-based investment manager Ecofin Ltd have launched a $200 million (127 million pounds) private equity fund to invest in China's clean technology sector, the firms said on Monday.
China Cleantech Partners (CCP.L) will make 10 to 15 investments across sectors such as alternative energy, water and energy storage and distribution. It has a target 25 percent internal rate of return and an expected life of 10 years.
CCP will either invest directly in target companies or indirectly through the Origo Xinxiang Renewable Energy Fund, which is a 500 million RMB partnership between Origo and the municipal government of Xinxiang.
"The Fund's dual U.S. dollar and (yuan) structure, backed and supported by the Chinese government, gives CCP and its investors access to both offshore and onshore investment opportunities," Bernard Lambilliotte, Ecofin's chief investment officer, said in a statement.
Origo and Ecofin's investment trust Ecofin Water & Power Opportunities Plc (ECW.L) have each initially committed $15 million to CCP.
The fund is expected to reach an initial closing later this year when it achieves $75 million in partnership commitments. Final closing is expected in 2012 when it gets to $200 million.
China, which is experiencing rapid economic growth, has committed to have a 20 percent share of renewable energy by 2020 and to cut its carbon intensity by 40-45 percent.
(Reporting by Nina Chestney; editing by James Jukwey)
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