SINO-CEEF Capital Management Co recently announced the private equity investment company has established its second fund in Luxembourg and will steadily carry out investment activities in Central and Eastern European countries.

Based on the experience from Sino-CEE Fund, China's first non-sovereign regional cooperation fund established in October 2016, the company recently rolled out Sino-CEE Fund II, which will focus on CEE countries and embark on renewable energy industries as its major focus.

Sustainable development issues like climate change are common challenges faced by China, Europe and other economies of the world and require joint effort from people across the globe. Under the cooperation between China and CEE countries, the sustained economic growth in Central and Eastern Europe and the urgent need for the renewable energy transition will create an enormous market and steady returns, the private equity investment company said.

The establishment of Sino-CEE Fund II will mobilize global capital to participate in new energy projects in Central and Eastern Europe, accelerate the energy transition in the region, boost regional employment and economic development and promote the transition to a low-carbon European economy, the company said.

SINO-CEEF was established in September 2016 by several founders led by Industrial and Commercial Bank of China, the country's largest State-owned commercial lender by assets. Sino-CEE Fund, which is under the management of the company, has so far made cumulative investments worth 533 million euros ($548.75 million) in Europe.