June 26 (Renewables Now) - Chinese polysilicon and multicrystalline wafer manufacturer GCL-Poly Energy Holdings Ltd (HKG:3800) and Japanese conglomerate Mitsui & Co Ltd (TYO:8031) have agreed to form a joint venture (JV) to invest in new-generation energy and infrastructure-related businesses in China and other selected countries.
The parties will each own 50% of the JV, which will have initial capital of USD 50,000, (EUR 43,000), GCL-Poly said on Monday.
GCL-Poly will participate in the JV through an investment vehicle created to seek investment opportunities in new-generation energy and infrastructure-related businesses.
According to the announcement, the JV is the first step towards a long-term strategic partnership between GCL-Poly and Mitsui. It will aim to identify future growth opportunities and help investee companies to commercialise technologies faster in the parties' core markets. The JV company will also support the financing arrangements of projects of GCL-Poly and Mitsui.
(USD 1 = EUR 0.858)