Singapore’s GIC invests $200m in Chinese geothermal heating company Sinopec Green

Singapore’s sovereign fund GIC Pte has invested $200 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 $1 billion, one of the people said.

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