Sceptics may argue that this was carefully timed ahead of the upcoming Copenhagen Climate Change Summit, others may argue that it shows the way forward for state-sponsored investment in green technologies – but clean-tech seems to be the buzz industry at present, not least because China’s sovereign wealth fund, China Investment Corp (CIC), is splashing out HKD5.5 billion to buy a 20 per cent stake in GCL-Poly Energy Holdings Ltd, a Hong Kong-based power plant company.
Under the deal, CIC and GCL-Poly will set up a new joint venture company to “invest and develop photovoltaic or other solar energy projects with an initial capital of USD500 million,” according to Chinese state media. Founded in 2006 and listed on the Hong Kong stock exchange in 2007, GCL-Poly, is described as the country’s largest polysilicon producer.
The move follows US President Barack Obama’s November visit to China, during which the US and China signed a joint statement to enhance cooperation on climate change, energy and the environment. Among the green manufacturing initiatives announced was the launch of the China-U.S. Electric Vehicles project, which has targeted putting “millions of electric vehicles on the roads of both countries in the years ahead.”
[...] Originally posted here: Green Tech Gets Government Boost « China Works blog: China … [...]