(Reuters) – Private equity firm RRJ Capital, founded by former Goldman Sachs dealmaker Richard Ong, has paid $350 million for a stake in waste-to-energy company China Everbright International Ltd, according to a Hong Kong stock exchange filing.
China Everbright International earlier announced plans to raise HK$3.66 billion ($472.02 million) by issuing 430 million new shares at HK$8.52 each.
RRJ bought 318.36 million of the shares, or 7.85 percent of China Everbright’s issued share capital, according to the filing. On Friday, the shares were trading down 1.3 percent at HK$9.45.
China Everbright is RRJ’s second bet on China’s waste recycling industry, as the country’s government seeks to tackle chronic pollution.
In October, RRJ invested $33 million in China-focused water treatment company SIIC Environment Holdings Ltd (SIIC.SI: Quote, Profile, Research, Stock Buzz) with China sovereign wealth fund CIC CIC.UL.
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