CIC buys 15% shares of US power firm
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China Investment Corporation (CIC), or the nation's sovereign fund said Monday it invested US$1.58 billion to buy 15 percent shares of the AES Corporation, an U.S. power company.
CIC purchased 125 million shares with US$12.6 per share, the company said in a statement Monday.
By the time the transaction completed, CIC would appoint a member to join the AES's board of directors.
CIC has also signed a letter of intent with AES on the purchase of 35 percent shares of its wind power subsidiary. The transaction is worth US$571 million.
The Virginia-based company is a leading power company that engages in the generation and distribution of thermal and renewable energy.
CIC also confirmed that it agreed in September to lend US$1.9 billion to a leading Indonesian coal miner PT Bumi Resources through a debt-like instrument.
The 200-billion-U.S. dollar sovereign wealth fund also invested US$858 million to buy 14.91 percent of stakes of the Hong Kong-based Noble Group, Asia's largest commodity trading company.
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