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GIC pays $1bn for 5% stake in clean energy co

GIC, the sovereign wealth fund of Singapore, has agreed to pay $1 billion to acquire a stake of around 5% in EDP Renovaveis (EDPR), a Europe-based clean energy firm, according to a report by The Strait Times.

The renewable energy firm, which has its headquarters in Spain, says plans to use the new capital to fund the growth in renewables and energy transition. 

EDPR’s parent company, EDP meanwhile, has reportedly said it wants to maintain a holding of more than 70% in the business and will not enter into any additional share placements of this size.

GIC’s existing green and sustainable portfolio includes Storegga, ecoATM, Greenko, Duke Energy Indiana. The fund has also invested in Arctic Green Energy, and last year made a strategic investment in Eneus Energy Limited, a green ammonia project development company based in the UK.

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