Thursday, April 26, 2018

Iceland: Chinese Companies Invest in District Geothermal Heating Company

CITIC Capital, China Everbright Back Renewable Energy Firm Arctic Green Energy (China Money Network)

Arctic Green Energy, a renewable energy company based in Reykjav√≠k, focusing on creating zero-emission cities, has completed a new funding deal from CITIC Capital, China Everbright Ltd. and Asian Development Bank.

CITIC Capital, an early investor in Arctic Green Energy since 2015, has exercised its conversion rights to acquire equity of US$30 million in Arctic Green Energy. China Everbright Ltd. has purchased shares and an exchangeable bond issued by Arctic Green Energy for a total of US$70 million.

Asia Development Bank announced on March 22 it would provide a $250 million loan to Sinopec Green Energy Geothermal Co (SGE) and  Arctic Green Energy Corp (AGE) to develop clean geothermal heat in smog-prone northern China. SGE is a joint venture set up by China’s state-owned oil giant Sinopec and AGE.