China has witnessed robust development in renewable energy and clean technology, with private equity/venture capital (PE/VC) investments in the industry reaching a record of .37 billion in 2016, a report released by consulting firm PwC showed on Tuesday.
The report said that these trends reflected government commitments to structural reforms, as well as strategic priorities emphasizing renewable energy and clean technology within the Belt and Road initiative, Made in China 2025 and other national guidelines.
A total of 108 of PE/VC investments were made in 2016 in the industry, of which 64 involved environmental protection, said the report.
In terms of mergers and acquisitions, 123 deals were made in the industry in 2016, and the disclosed value amounted to a total of .07 billion, with an average deal value of .06 million, according to the report.
Affected by fluctuations in the domestic capital market, the number of IPOs and the amount of financing for China's renewable energy and clean technology companies experienced a downward trend from 2014-16, the report said, as only five companies listed in 2016, of which four listed domestically and one overseas.
Due to the stability of the domestic capital market, this trend is expected to continue, the report noted.