RAEF US, a subsidiary of Real Assets Energy Fund, and WElink Energy/CTIEC have agreed to jointly develop $1bn worth of new renewable energy projects in North America.

The partners will focus on wind and solar photovoltaic (PV) projects and consider biomass and hydro investment opportunities also.

RAEF US will work with WElink/CTIEC to select and develop projects in North America, suitable for acquisition by US institutional investors.

WElink/CTIEC will be in charge of design, engineering, procurement, construction and financing of projects.

The companies believe that the cooperation will create additional value in current and future activities for them.

It is also expected to speed up the project pipeline and investment program for the renewable energy investment fund currently being managed jointly by RAEF US and LM Capital Group.

The partners said they look forward to this deal as a key first step in several future collaborations.

The LM Capital Renewable Energy Income Fund I will invest about $300m of equity in PV solar and wind generation projects in the US and Canada.

WElink Energy develops, finances, markets and builds solar PV plants and energy efficiency programs across Europe, Southeast Asia. The company has recently entered into the US and Latin American markets.

CTIEC stands for China Triumph International Engineering Co, which is the technology and engineering platform and international business arm of China National Building Material Group.