Gal-Or, to invest in solar energy
צילום: קובי קואנקס
Infinity launches fund with Chengdu City
Israeli company sets up $29.5 million fund with Chinese group, to focus on mutual projects in clean technology, information technology, agriculture
Israel's Infinity Group said on Wednesday it has set up a 200 million yuan ($29.5 million) fund with Chengdu City, China, to focus on mutual projects in clean technology, information technology and agriculture.
This marks Infinity's eighth joint venture fund in China this year.
Infinity and Chengdu City's high tech park will each contribute half of the investment in the new fund, said Amir Gal-Or, managing partner of the Infinity Group and the Infinity I-China fund.
The first investment the new fund plans will be for 50 million yuan ($7.3 million) in a solar energy project, Gal-Or told Reuters.
Infinity also signed a memorandum of understanding of general cooperation with the Chengdu municipal government. The MOU covers business communication and investment activities, finance, innovation and private equity as well as Chengdu's technology incubator and park.
In March Infinity announced the creation of seven joint venture private equity funds throughout China to support the growth of Chinese businesses.
The latest initiatives are part of Infinity's plan to expand to the west of China, which has high potential, Gal-Or said. Chengdu is the capital of Sichuan Province.
Infinity I-China, the largest China-Israel fund and the second China-Israel fund of Infinity Group, was founded by IDB Holding subsidiary Clal Industries of Israel; state-owned China Development Bank; and China Singapore Suzhou Industrial Park Ventures Co.
Infinity Group manages over $700 million through nine funds.
