Leading international law firm Herbert Smith Freehills has advised GIC on its role in a joint US$1 billion investment in Envision Energy International, one of the world's largest net-zero investments to date.
GIC is one of Singapore's two sovereign wealth funds and among the world's largest. It joined Beijing-based Primavera Capital and US-based Sequoia Capital in making the investment.
Envision, headquartered in Shanghai, is a leading green technology company that provides renewable power products and services. These include wind and solar power generation systems, hydrogen, batteries and energy management software. It is the world's fourth largest supplier of wind turbines and has nine technology innovation centres worldwide.
"We were pleased to advise our longstanding client on this significant investment in green technology, which speaks to the appetite for net zero among investors worldwide," said partner Calvin Ho in Beijing, who led the team advising on the transaction.
"We worked closely with the client on a very tight timetable and moved swiftly to achieve a smooth and successful closing."
"Asia's investments in renewable power generation are expected to explode over the next 10 years, with large private capital manoeuvres such as this becoming increasingly common," said Singapore partner Jamie McLaren, who also advised on the transaction.
Calvin led the Beijing energy team that oversaw the firm's involvement in the transaction, assisted by partner Monica Sun, senior associate Jie Li and associate Yunfei Guo. Jamie and senior associate Victor Chiew advised on the transaction from Singapore. Partner Mathias Dantin led a team in Paris that helped with the transaction and included senior associate Emma France and associates Alexia Pharès, Frédéric Tual, Mael Le Cardinal and Ouerdia Amrouche. Partner Joe Fisher led a team in Tokyo that also advised on the transaction, assisted by associate James Donnelly.