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HomeFunding China based Huakong Power Secures $693 million in strategic round funding

[Funding Alert] China based Huakong Power Secures $693 million in strategic round funding

As the Chinese company increases its new energy commitments, Huakong Power Group has signed agreements to raise 5 billion yuan ($692.7 million) in strategic finance from two domestic investors.

According to the company’s most recent WeChat post, it is raising the money from Beijing’s Qingwang Fund and Shenzhen-based private market expert Tamarace Capital.

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According to the article, this funding will aid it’s scientific advancements and commercial expansion in the worldwide new energy power generation sector.

The company stated that the investment will allow it to continue invest in the development, acquisition, and operation of new energy power plants as well as combine value chain resources.

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It is attempting to establish itself as a new energy power generation group with core businesses spanning solar and wind power generation, energy storage, microgrid solutions, and integrated energy services. Huakong claims to have over 2 million kilowatts of exploitable new energy capacity.

Huakong had earlier this month announced a collaboration with the Wulan County local government in Qinghai, a sizable, sparsely populated northwest province situated across the high-altitude Tibetan Plateau, which is rich in solar and wind energy resources.

In Wulan, Huakong promised to invest up to 6 billion yuan ($831.2 million) in the construction of solar and wind power plants.

About Huakong Power Group

Huakong power are supplier and creator of energy services for new energy, power generating, and energy storage power plants. The company provides customers with solar and wind energy by concentrating on photovoltaic cells and wind power.

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