Singapore’s GIC invests $240m into geothermal DH

Singapore’s sovereign wealth fund GIC entered a strategic partnership with Icelandic Arctic Green Energy to further explore geothermal district heating operations across Europe and Asia.

Both parties issued a public statement revealing their new alliance which will power the spread of zero-carbon district heating in different parts of Asia and Europe. This deal involves a US$240 million commitment which will see GIC becoming an equity partner in Arctic Green Energy.

Arctic Green Energy rose to the rank of a leading figure in the global sustainable energy transition and decarbonization sector, especially for buildings. The firm also partnered with Sinopec to launch Sinopec Green Energy in China.

GIC’s strong capital base and international network combined with the tested and trusted strategy and experience that Arctic Green Energy has in the sector creates a perfect alliance for the innovation, expansion, and profitability that both firms want.