Invesco, Huaneng announce energy investment JV
17 September 2008
Atlanta-based money manager Invesco and the listed arm of state-owned power producer China Huaneng Group yesterday announced a joint venture to advise and provide funding for energy investments in China, the Wall Street Journal reported. Invesco says the new company, Huaneng Invesco WLR Investment Consulting, will profit from China's rising energy consumption by leveraging Huaneng's local government and industry relationships. The new company has US$7.3 million in registered capital, and both sides will own equal shares. It will aim to identify and fund private-equity investments in mining and power generation. The venture would also look at financing conventional coal mines and coal-fired projects as well as clean technology, an Invesco spokesman said.