China’s State Development & Investment Corporation (SDIC) subsidiary Red Rock Power Limited opens new office in Edinburgh, Scotland.
The Scottish government said the state-owned investment holdings company plans to invest further in renewable developments in Scotland, building on its existing offshore wind projects.
“SDIC’s presence here is a vote of confidence in our renewable sector and we are committed to working closely with SDIC to support their investments in Scotland. I hope this marks the start of a new and successful chapter for both SDIC and Scotland’s renewable sector.” Nicola Sturgeon Scotland’s First Minister said.
Scotland is deemed as a good location for investing in the wind industry as it has abundant natural resources, decades of offshore experience and a supportive business environment.
About Red Rock Power Limited
Red Rock Power Limited is a subsidiary of State Development & Investment Corporation (SDIC). It was founded on 16 May 2005 and already has its registered office in Edinburgh.
Established on May 5, 1995, State Development & Investment Corporation (SDIC) is a state-owned investment holding company approved by state council. Headquartered in Beijing, SDIC had a registered capital of RMB 19.47 billion (US $3 billion), RMB 495.5 billion (US $75.4 billion) in total assets, and 74,058 employees (2015). Its gross revenue and total profit in 2015 were RMB 104.2 billion (US $15.9 billion) and RMB 16.5 billion (US $2.5 billion) respectively.
SDIC practices a parent-subsidiary management system. It has 11 wholly-owned subsidiaries and 12 controlling subsidiaries. Seven of the enterprises which SDIC controls are public companies. SDIC’s industrial investment mainly goes to power generation, coal mining, ports and shipping, chemical fertilizer production and other infrastructure or resource-oriented fields as well as high-tech projects.