Global alternative asset manager GLP Capital Partners (GCP) has launched its inaugural commingled clean energy strategy within China, securing a total of around RMB4bn ($556m) in committed capital from domestic institutions.

Among these contributors are the National Green Development Fund and feeder funds associated with CHN Energy Investment Group, a state-owned enterprise and one of China’s major electricity providers in the energy domain.

The fund’s comprehensive investment scope is poised to reach an estimated RMB20bn.

The raised capital serves as a reservoir for investments in renewable energy initiatives spanning wind, solar, energy storage infrastructure, and interconnected energy management solutions. The fund’s scope encompasses both nascent projects and acquisitions in these sectors.

GLP will shoulder the responsibility of overseeing investment, development, and operational aspects of the renewable assets. This oversight will be executed by dedicated teams situated in China.

GLP Capital Partners China executive vice chairman and president Teresa Zhuge said: “This is a significant fundraise for GCP and we are pleased to raise third-party capital from partners who share the same vision for strengthening renewable energy investment.

“Renewable energy is one of GLP’s key pillars, focusing on facilitating the energy transition across new economy sectors for a sustainable future. Given GLP’s strong in-house expertise across planning, development and operations, we believe we can further accelerate market leadership in this space, to support partners and clients in pursuing their carbon neutrality goals.”

In pursuit of its climate objectives, China aims to enhance the non-fossil fuel segment of its total energy consumption to 25% by 2030 and a remarkable 80% by 2060. This endeavour represents a substantial increase from the 17.3% recorded in 2022.

In tandem with this national commitment, GLP is actively advancing the expansion of a multi-gigawatt renewables portfolio within China. This comprehensive initiative encompasses a spectrum of distributed and ground-mounted solar installations, wind energy projects, and battery storage solutions.