GIG and Arctic Green Energy have announced an ambitious strategic alliance set to drive the uptake of zero carbon district heating in Europe and Asia. Under the agreement GIC will become an equity partner in Arctic Green Energy and commit a substantial new injection of $240 million to support the expansion of the company in Asia and Europe.
The funds would help Singapore-based Arctic Green Energy launch new projects and ramp up its capability in geothermal energy, which is derived from hot underground springs and is a greener alternative to using fossil fuels for heating and cooling.
J.P. Morgan acted as the Sole Placement Agent to Arctic Green Energy for the transaction.
Arctic Green Energy has become a major global player in the sustainable energy transition and the decarbonisation of the building sector most recently through the development of the largest and fastest growing geothermal company in the world.
Arctic Green Energy aims to be at the forefront of transforming the heating market to clean and renewable energy based on the principles of a sustainable energy transition, efficiency and security.