The cooperation agreement on establishing the China Energy New Energy Industry Investment Fund was signed in Beijing on January 22. With an initial amount totaling 10.02 billion yuan, the Fund focuses on investing in new technological projects of emerging industries such as wind power, photovoltaic power, hydrogen energy, energy storage, and integrated smart energy. After the Fund goes into operation, it is expected to stimulate about 50 billion yuan of funds to flow into the new energy industry, and support the launch of wind and photovoltaic power projects with installed capacity exceeding 6 million kW.

The Fund was initiated by China Energy, and partners include China Shenhua Energy Co., Ltd. and Guohua Energy Investment Co., Ltd., both under China Energy, as well as China Guoxin Asset Management Co., Ltd. and China Orient Asset Management Co., Ltd. under China Reform Holdings Corporation Ltd. Guohua Investment and Development Asset Management Co., Ltd., a wholly-funded subsidiary of Guohua Energy Investment Co., Ltd., serves as the manager of the Fund, responsible for its management and operation.

In 2020, despite negative impact from COVID-19 epidemic, China’s wind power and photovoltaic industries recovered soon and saw explosive growth. Data from the National Energy Administration of China show that in 2020, the country’s installed capacity increased by 71.67 million kW in wind power and 48.2 million kW in solar power, both hitting a historical high.

China Energy announced that it would step up the development of renewable energy, with a goal to increase newly installed capacity of renewable energy to 70 - 80 million kW by 2025. As the world’s largest wind power and coal-based energy enterprise, China Energy has embarked on a path of researching and implementing the strategies of peaking and neutralizing carbon emissions, which will accelerate the low-carbon transformation of China’s energy industry.