Private equity firm U.S. Renewables Group said it plans to raise up to 2 billion yuan (US$293 million) for a fund investing in renewable energy projects in China.
U.S. Renewables, which manages US$750 million in renewable assets across North America, was looking to invest in solar and waste-to-energy projects, partner Thomas King told Reuters on the sidelines of a renewable energy conference on May 11.
King did not give a timeline for the launch, but said the firm "will have more clarity about the fund by the end of the year".
"We're looking at large utility-scale solar projects," said King, adding that solar photovoltaic (PV) system manufacturing is another investment area the company is looking at.
China, which burns coal to supply up to 80 percent of its electricity needs, has also been increasing investment in the renewable energy sector, offering cash perks that have spawned a wave of investment in solar and wind projects.
"China is a powerhouse in PV manufacturing and there's a potential opportunity to work with (manufacturers) either individually or together for development outside of China," he said.
The new fund will be in addition to US$250 million it is raising for renewable energy projects in India and other developing nations.
Launched last year, the US$250 fund is being raised in cooperation with the Overseas Private Investment Corp.
