Singapore sovereign wealth fund GIC Pte Ltd, US private equity firm Sequoia Capital and Chinese private equity firm Primavera Capital are investing more than US$1 billion in Envision Group, a green technology company based in Singapore.
Ang Eng Seng, GIC’s chief investment officer of infrastructure, describes Envision as a fast-growing global greentech company “with the depth and breadth of products in the renewable energy space that would make a significant impact to the world’s demand for decarbonisation”.
“As a long-term global investor, we look forward to working with Envision on its various cleantech ecosystems, including new wind farms and energy transition assets across the markets,” he says in a statement on November 2.
Envision Group Chief Executive Officer Lei Zhang adds that the strategic partnership will enable it to “mobilise capital investors for building the net-zero economy”.
There was no breakdown of the individual amounts invested by GIC and the private equity firms.
This is GIC’s third major green investment this year. In January, it paid $2.05 billion for a 19.9% stake in Duke Energy Indiana, which will use the capital to fund acceleration of its clean energy transition.
Six months later, the wealth fund invested $240 million in Arctic Green Energy to help finance the Iceland-based renewable energy firm’s expansion in Asia and Europe.
GIC doesn’t publicly disclose its asset data. The Sovereign Wealth Centre estimates the wealth fund had around $545 billion of assets as of March 2021.
