Investment will help firm emphasize clean energy

Affinity Asia Pacific Fund V under Affinity Equity Partners will invest HK$2.80 billion ($360 million) into Towngas China Company Limited, representing 13.3 percent of the enlarged capital of Towngas China, the company said on Thursday.

The investment will support Towngas China”s evolution into an integrated clean-energy provider, accelerate the roll-out of distributed solar photovoltaics as part of the smart energy solution, and secure long-term growth, said the company.

Towngas China will also be renamed Towngas Smart Energy Company Limited, it said.

The partnership with Affinity will enable Towngas China to accelerate its long-term vision to create an integrated, sustainable, and tangible smart energy business, built on three core pillars: integration, digitalization, and de-carbonization, the company said.