China Life to invest in Chinese nuclear power firms with partners

China Life Insurance (2628) said it plans to set up a joint venture with China National Nuclear Power and others to invest in nuclear power companies in China. 

The insurer intends to partner with CNNP, China-Russia Nuclear Industry Fund, Guangzhou Jinhong and CNNC Industry Fund Management Corporation to make equity investments in Chinese firms whose main business is “nuclear power project development, investment, construction, and operation”, according to a filing late Thursday. 

The initiative is to support the development of clean and low-carbon energy in the country, it said.

The total capital contribution by all partners is 1.5 billion yuan (HK$1.64 billion), of which China Life will contribute 1.2 billion yuan, the filing said.