Goldman pursues renewable energy interest
January 23, 2008
Himin Solar Energy Group, a leading Chinese solar water-heater manufacturer, has agreed to a US$100 million investment from Goldman Sachs and CDH Investments, the Wall Street Journal reported. According to a person familiar with the situation, details such as stake sizes are still being finalized. CDH is a private equity group that targets privately-owned Chinese companies. The investment in Shandong-based Himin is an indication of the strong appetite for renewable-energy technologies in China, itself a response to current government policy. Beijing wants to double the amount of power derived from renewable sources to 15% by 2020. These sentiments saw shares in the likes of Suntech Power and Yingli Green Energy reach new highs, although they have since fallen back amid global stock market uncertainty.