Global investment firm Real Assets Energy Fund (RAEF) has agreed to develop a pipeline of new renewable energy projects in partnership with WElink Energy and China Triumph International Engineering (CTIEC) in North America, with an investment of $1bn.
Under the terms of the agreement, RAEF US and WElink / CTIEC will jointly develop renewable projects, primarily in photovoltaic (PV) solar and wind power generation, which are feasible for acquisition by institutional investors in the US.
The companies will also focus on other clean technology opportunities, including biomass and hydro.
WElink/CTIEC will be responsible for the design, engineering, procurement, supply, construction and financing necessary to deliver a fully operational power plant, upon selecting viable project.
The partners expect the deal to accelerate the project pipeline and investment program for an existing renewable energy investment fund which is being jointly managed by RAEF US and LM Capital Group.
WElink develops renewable energy projects across the world.
CTIEC offers engineering and design services, and operates as an engineering and technical platform of China National Building Material (CNBM).