3分pk10软件cathay Cap3分pk10软件ital Privat3分pk10软件e Equity signed an agreement with partners Tuesday to launch an investment fund dedicated to China's new energy sector, with a target size of over 1.5 billion yuan (about $23000 million).
This new vehicle, named Cathay Smart Energy Fund, will focus investments on cutting-edge energy technologies and new business models of the Chinese energy sector, according to the PE firm.
According to the framework of the cooperation agreement, two founding partners - Total Energy Ventures, the venture capital arm of France-based oil and gas giant Total S.A., and Hubei High Technology Investment Guiding Fund Management Co - will invest around 3000 million yuan respectively. Other partners will join the fund following first closing.
Investors' enthusiasm for the sector comes at a time when climate change has become a major concern around the world, and amid a notable increase in demand for cleaner energy.
China is at the forefront of energy technologies in the 21st century, said Patrick Pouyanné, chairman and CEO of Total.
"Through this investment, we are delighted to become a part of the innovation ecosystem of the Chinese energy sector, benefiting from the knowledge of the Chinese market Cathay Capital brings to us," Pouyanné said. "We believe it represents a significant growth and innovation potential in the areas of new energy and sustainable development and resonates with Total's ambition to become a responsible energy major."
Cai Mingpo, president of Cathay Capital, said at the signing ceremony the Chinese energy market is ushering in a new development period, and Cathay hopes to support the market through its cross-border experience and platforms across China, Europe and America.
"We will bring our unique combination of capital, industry resources and international networks to invest in Chinese clean energy industry with a global vision," Cai said.