China Investment Corp said on Thursday it has bought a 20 per cent stake in GCL-Poly Energy, a Hong Kong-listed solar power plant operator, for HK$5.5bn (US$705m) as the sovereign wealth fund takes a bet on new energy.
As part of the investment, CIC and GCL-Poly plan to set up a joint venture company to develop photovoltaic projects, which generate electricity by using solar cells to convert energy from the sun.
