US Renewables Group Receives Fund Management License For Shanghai's First RMB-denominated Clean Energy Fund

SANTA MONICA, Calif., April 2, 2014 /PRNewswire/ -- Today US Renewables Group ("USRG") announced its RMB-dominated fund has been approved by the Shanghai Municipal Government Financial Services Office ("SMGFSO").  USRG-Shanghai Renewable Energy Fund I, LP ("USRG-Shanghai") is a joint venture between USRG and Shanghai Industrial Investment (Group) Co., Ltd ("SIIG"), a large Chinese state-owned investment group. USRG will be the managing partner and will serve and chair the investment committee.  Working between the US and China, the fund will invest in opportunities that leverage US-based cleantech companies and technologies that have direct application to the growing needs of the Chinese marketplace. 

The joint fund management company between USRG and SIIG is unique in that (1) it provides a streamlined process for US-based companies to engage and work efficiently with Chinese state-owned enterprises ("SOEs"), (2) accelerates the implementation of Chinese Premier Li Keqiang's recently announced "war on pollution" and (3) enables US-based companies a more transparent and secure way to bring their intellectual property into the fastest growing cleantech market in world. It is also the only private equity cleantech fund that has received Qualified Foreign Limited Partner (QFLP) approval, enabling foreign limited partners to invest alongside the USRG-Shanghai fund and large Chinese SOE partners.   

"After three years of working with SIIG and the Shanghai municipal authorities, we are very pleased our license has been granted and SIIG will act as the anchor investor in the fund," said USRG Managing Partner Jim McDermott. "As the first US-based renewable manager to be granted an RMB-denominated private equity license in Shanghai, we look forward to working with our SOE partners, entrepreneurs throughout the region and US cleantech companies to bring sustainable technologies to the Chinese marketplace."

The USRG-Shanghai fund will have offices in Shanghai's Pudong District and will be headquartered in Santa Monica, California. Dr. Kefu Fu will act at the general manager and together with Jim McDermott, Lee Bailey and SIIG will serve as investment committee members.

About US Renewables Group

US Renewables Group is a private equity firm focused exclusively on investing in renewable power, biofuels and clean technology infrastructure. Founded in 2003, USRG has in excess of $800 million of assets under management. In addition to project investing, USRG has made strategic investments in companies that support the renewable energy industry and companies that scale proven technologies for commercial applications. USRG has made 22 diversified investments across three funds. USRG is headquartered in Santa Monica with offices in New York. Visit the company online at www.usregroup.com.

About Shanghai Industrial Investment (Group) Co., Ltd. (SIIG)

Shanghai Industrial Investment (Group) Co., Ltd. was founded in 1998 and is based in Shanghai, China. With total assets of ~$19B RMB, SIIG is one of the largest state owned investment companies in Shanghai. Their portfolio investments cover industrial conglomerates, hi-tech companies, manufacturing plants, economic development zones, infrastructure projects, and financial entities, such as Shanghai Electric Corporation, Shanghai Pharmaceutical Group, CITIC Securities, and Minsheng Bank, Visit the company online at www.siig.cn.

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SOURCE US Renewables Group