SPIC and China Life Insurance establish a clean energy fund with RMB8 billion

On June 22, China Life Insurance and State Power Investment Corporation (SPIC) signed a comprehensive cooperation agreement for strategic partners in Beijing.
The two parties will work together to fund a designated national-level large-scale clean energy project, with a total investment of approximately RMB 8 billion.

On June 22, China Life Insurance and State Power Investment Corporation (SPIC) signed a comprehensive cooperation agreement for strategic partners in Beijing.

The two parties will work together to fund a designated national-level large-scale clean energy project, with a total investment of approximately RMB 8 billion.

According to the agreement, the clean energy project was invested and constructed by the clean energy fund by China Life Insurance, State Power Investment Corporation, and China Life Industry Poverty Alleviation Fund, with a total fund size not exceeding 8 billion yuan.

Among them, China Life Insurance’s investment does not exceed 7.2 billion yuan, and it is entrusted to manage by the group’s asset management company.

It is estimated that after the completion of this clean energy project, it will become the country’s first large-scale renewable energy parity demonstration project.

After being put into production, the power generated by the power plant will be provided to the Beijing-Tianjin-Hebei power market in accordance with the principle of renewable energy priority. Without national subsidies, its rate of return and cash flow level are equivalent to hydropower projects.

At the same time, the clean energy project construction area is one of China Life’s designated aid areas. The construction and operation of the project will also give priority to supporting local poverty alleviation work, which will boost local employment and economic development.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/06/28/spic-and-china-life-insurance-establish-a-clean-energy-fund-with-rmb8-billion/.

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