Huakong Power Group has sealed agreements to raise 5 billion yuan ($692.7 million) in strategic financing from two domestic investors, as the Chinese firm steps up its new energy commitments.
Huakong is raising the capital from Shenzhen-based private market specialist Tamarace Capital and Qingwang Fund, an investment company in Beijing, the firm announced in its latest WeChat post.
This financing will support Huakong’s expansion and technological development in the global new energy power generation market, it said in the post.
The investment will enable the firm to integrate value chain resources and invest further in developing, acquiring, and operating new energy power plants, it said.
Huakong, which claims to have over 2 million kilowatts of exploitable new energy capacity, is looking to position itself as a new energy power generation group with main businesses spanning photovoltaic (PV) and wind power generation, energy storage, microgrid solutions, and integrated energy services.
Earlier this month, Huakong announced a partnership with the local government of Wulan County in Qinghai, a large, sparsely populated northwestern province across the high-altitude Tibetan Plateau with abundant wind and solar energy resources.
Huakong pledged to invest up to 6 billion yuan ($831.2 million) to build wind and solar power plants in Wulan.
