RRJ Capital Ltd shelled out $350 million to purchase a stake in renewable energy development firm China Everbright International Ltd, according to Bloomberg.

A Hong Kong stock exchange filing showed the private equity fund took 318.4 million shares in Everbright International. This represents a 7.85% stake priced at HD$8.52 apiece. On December 11, Everbright International announced it will exit from 430 million of its shares to raise HK$3.66 billion ($472 million), the report detailed.

The Chinese government is increasing its renewable energy promotion in order to tackle the choking pollution in Beijing and other cities, the report said. China seeks to promote cleaner-burning natural gas, and wind and solar energy to reduce carbon emissions in the country. The said investment follows RRJ's purchase of a 5.2% stake in Singapore-listed firm SIIC Environment Holdings in October, the report added.

Everbright International's shares have surged a record 140% this year in Hong Kong. The increase lifted the firm's market value to HK42.1 billion. Today, at 10:31 am local time, the company's stock fell 1.9% to HK9.39 per share, Bloomberg reported.