• Funds will be used to boost Arctic’s capability in geothermal energy
• Island state investment giant’s cash will fund push in Asia and Europe
Singapore sovereign wealth fund GIC will invest $240 million in Arctic Green Energy to support the renewable energy firm’s expansion in Asia and Europe, the companies announced on Monday.
Arctic Green Energy focuses on decarbonisation in the building sector and already has a ‘geothermal partnership’ with China’s state-owned oil giant, the China Petroleum and Chemical Corp.
The funds would help Singapore-based Arctic Green Energy launch new projects and ramp up its capability in geothermal energy, which is derived from hot underground springs and is a greener alternative to using fossil fuels for heating and cooling.
JP Morgan acted as the sole placing agent for the deal.
- Reporting by Reuters