GCL Group, the parent company of GCL-Poly Energy, the world's biggest maker of poly-silicon, said on Monday that it will create a 10 billion yuan ($1.6 billion) joint fund with China Minsheng Investment to develop solar energy and natural gas industries.

Zhu Gongshan, chairman of GCL Group, said the cash fund will be used for the development of terminal station of natural gas, natural-gas-fired distributed generation systems as well as solar power station, but more details will be disclosed at the end of this month.

China Minsheng Investment Co, which was formed earlier this month by Minsheng Bank, China Oceanwide and other large private enterprises, with a registered capital of 50 billion yuan, is said to be like the State-owned China Investment Corp, based on private capital.

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