Hong Kong power utility CLP chips in to state-backed Greater Bay Area energy fund to gain access to low-carbon technology and projects
- The larger of Hong Kong’s two electricity providers has put an undisclosed sum into a fund dedicated to backing energy innovation in the region
- The move is designed to help CLP ‘access emerging technologies and investment opportunities’
The company, the larger of Hong Kong’s two power utilities, has put an undisclosed sum into a fund spearheaded by state-owned China Southern Power Grid that is dedicated to energy investment in the region encompassing nine Guangdong cities as well as Hong Kong and Macau.
The CSG Energy Innovation Equity Investment Fund, set up in November, plans to raise 4.95 billion yuan (US$770 million), with phase-one funding of 1 billion yuan, People’s Daily reported.
Potential investments in the bay area may be executed through the fund or separately, she told reporters after CLP Holdings posted a net profit of HK$11.46 billion (US$1.48 billion) for last year. That was up from HK$4.66 billion in 2019 when profits were dented by a HK$6.38 billion goodwill impairment on its Australia retail operations.