RAEF US, the U.S. subsidiary of the Real Assets Energy Fund (RAEF), has signed an agreement with WElink Energy and China Triumph International Engineering Co. (CTIEC) to jointly develop a pipeline of new North American renewable energy projects totaling $1 billion.
According to the consortium, the planned investments will be primarily in photovoltaic solar and wind power generation, but other clean technology opportunities such as biomass and hydro will be considered.
Ireland-based WElink has experience in construction and financing international renewable energy projects. CTIEC is an engineering, procurement and construction contractor that serves as the engineering and technical platform of China National Building Material Co. Ltd., whose net assets exceed $46 billion.
The consortium says it will begin by identifying those renewable energy projects that would be appropriate for acquisition by U.S. institutional investors. Once a viable project opportunity is identified, WElink and CTIEC will take responsibility for the design, engineering, procurement, supply, construction and financing necessary to deliver a fully operational power plant.