Energy Economy

27 Jul 2021

Singapore's GIC invests $240 mln in Arctic Green Energy

27 Jul 2021  by Reuters   

Singapore sovereign wealth fund GIC (GIC.UL) will invest $240 million in Arctic Green Energy to support the renewable energy firm's expansion in Asia and Europe, the companies said on Monday.

The logo for Singapore sovereign wealth fund GIC Pte Ltd, is seen on a building in Singapore July 6, 2017. REUTERS/Darren Whiteside/File Photo

Arctic Green Energy focuses on the decarbonisation of the building sector and has a geothermal partnership with China's state-owned oil giant China Petroleum & Chemical Corp (600028.SS).

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.

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