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GIC invests in e-commerce platform, enters Japan's infrastructure and renewable energy space
GIC announced on Friday investments in an e-commerce platform for services, and its maiden foray into Japan's infrastructure and renewable energy sector with an interest in Japan Renewable Energy Corp (JRE).
An affiliate of GIC has entered as a corporate partner in GS Renewable Holdings GK, JRE's parent, GIC announced early Friday, without disclosing the investment's size.
JRE operates 34 power plants with a total capacity of about 210 megaWatts, and has about 170MW of new plants under construction.
JRE chief executive Kazuhiro Takeuchi said in a statement: "We see GIC's investment as testament to the potential of Japanese renewable energy market and JRE's growth strategy. We will take this opportunity to accelerate expansion of our business and to become the industry leader."
GIC's chief investment officer of infrastructure, Ang Eng Seng, added: "We are very pleased to become an investor in JRE, a platform with an experienced management team that has established the company as a leading diversified Independent Power Producer in Japan's renewable energy sector. "
Separately, GIC said that it participated in the latest US$4 billion Tencent-led funding round for services e-platform Meituan-Dianping.
Meituan-Dianping is a services e-platform, connecting 280 million annual active consumers with over five million annual active local merchants across a wide range of services and products.
Choo Yong Cheen, GIC's chief investment officer of private equity, said that GIC believes Meituan-Dianping will "continue to transform China's local services industry and bring convenience to a large, growing consumer base".
GIC says the funds will be used to strengthen Meituan-Dianping's core business groups, and enable continued investment in AI-based (artificial intelligence) technology and innovation.
Newcomer The Priceline Group joined existing investors in the round, which include Sequoia Capital, Canada Pension Plan Investment Board and Trustbridge Partners, among others.