Beijing Energy International (00686) issued an announcement regarding the establishment of an infrastructure fund. The infrastructure fund currently holds Yulin Company (which owns a 300 MW photovoltaic power generation project in Shaanxi Province, China) and Jingtai Company (which owns a 100 MW photovoltaic power generation project in Hubei Province, China).
The company plans to expand the infrastructure fund to acquire additional assets. To this end, the infrastructure fund will raise further capital through the issuance of such units, and Yunnan Baoshan (an indirect non-wholly-owned subsidiary of the company) and Jingneng Tongxin (which anticipates entering into a concerted action agreement with the Group regarding the infrastructure fund) plan to subscribe for 51% of these units. Proceeds from further capital raising will be used by the infrastructure fund to acquire all of the shares in the project company in Baoshan, Yunnan. Application materials relating to further infrastructure fund raising have been received by the China Securities Regulatory Commission and the Shanghai Stock Exchange for approval.