US subsidiary of Real Assets Energy Fund, RAEF US, has signed a joint agreement with WElink Energy and China Triumph International Engineering (CTIEC) to develop $1bn of renewable energy projects across North America.
Under the name WElink/CTIEC, the partners will co-ordinate to identify and develop renewable projects, which will be appropriate for acquisition by institutional investors in the US.
Planned investments under the initiative are likely to be focused on the photovoltaic (PV) solar and wind power sectors.
The partners are expected to consider other clean technologies, such as biomass and hydro, if they are found to be attractive.
Specific details about the potential investments have not been disclosed.
Once a viable project is selected, WElink/CTIEC will be responsible for its design, engineering, procurement, supply and construction works. It will also provide financing for construction of an operational power facility.
Through joint working, the organisations intend to create additional value in each other’s current and future activities. It also aims to accelerate the project pipeline and investment programme for an existing renewable energy investment fund, which is being jointly managed by RAEF US and LM Capital Group.
RAEF is a global investment firm focused on green energy production across multiple technologies.
WElink is a developer and financer for renewable energy projects internationally, and China-based CTIEC offers engineering and design services and operates as an engineering, procurement and construction (EPC) contractor for the engineering and technical platform of China National Building Material (CNBM).