CNNP Rich Energy, a subsidiary of state-run nuclear firm China National Nuclear Power, has raised around 789.6 million yuan ($1.1 billion) in capital from several existing shareholders and new investors.
CNNP Rich Energy, which focuses on the R&D of non-nuclear clean energy including wind, solar, and biomass power, wants to increase its competitiveness through the capital increase, according to an exchange filing dated November 16.
A number of its existing shareholders including China National Nuclear Power; China Life Asset Management Company, the asset management unit under China’s largest life insurer China Life Insurance Company; state-owned Sichuan Chuantou Energy, as well as Zhejiang Zheneng Electric Power have pumped in a total of around 489.6 million yuan ($67.6 million).
The remaining 300 million yuan ($41.4 million) came from CNNP Rich Energy’s controlling shareholder China National Nuclear Corporation, and its affiliate China National Nuclear Corporation Capital Holdings, per the filing.
The capital raise comes at a time when China is aiming to reach peak emissions before 2030 and carbon neutrality before 2060. With increasing government support, a number of investment firms have rolled out dedicated carbon-neutral funds in recent years including Addor Capital, IDG Capital, Hillhouse Capital Group, and Primavera Capital Group.
