China Life may commit to Brookfield’s China green fund
China Life Insurance Company is looking to commit to Brookfield Asset Management’s proposed China green fund, two sources told Infralogic.
The Chinese insurer could serve as an anchor investor for the investment vehicle, which will mainly invest in renewables and other green assets in China.
The size of the China green fund may reach CNY 4bn (USD 550m).
The asset manager has also engaged in talks with other major institutional investors in China for the fundraising.
Brookfield is among a group of foreign companies that have been investing actively in China’s renewables market. It has USD 18bn in assets under management in China across various sectors, including more than 1.3 GW of operational wind plants, according to its company website.
In September last year, it acquired a 150 MW portfolio of wind energy assets in China’s Guangxi province.
In 2018, the Canadian fund manager teamed up with GLP to form a 50:50 joint venture to invest in distributed solar energy projects on commercial rooftops in China.
Brookfield Renewable Partners, the clean energy-focused offshoot of Brookfield Asset Management, is one of the world’s largest owners, operators and developers of clean power. As of the third quarter last year, it had an operating capacity totalling over 35 GW and a development pipeline at approximately 200 GW.
Brookfield and China Life either did not respond to a request for comment or declined to comment.