China Investment Corp has bought a HK$5.5bn ($710m) stake in a Hong Kong-based solar power component maker as the sovereign wealth fund invests in energy and commodities companies to hedge against inflation, reports Bloomberg. CIC will have a 20% stake in GCL-Poly Energy Holdings and the two companies agreed to set up a venture to invest in solar power projects, according a Hong Kong filing. GCL-Poly shares jumped as much as 20% on the news.

This entry was posted by Gwen Robinson on Thursday, November 19th, 2009 at 4:34 and is filed under Capital markets, M&A. Tagged with CIC, GCL-Poly Energy. Edit this entry.