(Yicai Global) Jan. 21 -- Energy company China Resources Power Holdings will set up a new energy firm jointly with an investment institution owned by the family of Macau's Stanley Ho -- dubbed the 'King of Gambling' -- it announced today. 

The joint venture will develop photovoltaics, waste recycling and other businesses within the Guangdong-Hong Kong-Macau Greater Bay Area, Hong Kong Economic Journal reported.

Hong Kong-based China Resources Power will cooperate with Black Spade Capital, a firm owned by Lawrence Ho, board chairman at Melco International Development. Each party will take a 50 percent stake in the JV to be named China Resources Black Spade New Energy, per the report.

The move may reflect the overall declining fortunes of Macau's betting sector as capital outflows from the mainland slow and Beijing's anti-corruption drive bites deep.

The report did not detail the JV's registered capital or other financial particulars, however. 

Lawrence Ho is a son of Stanley Ho, a casino owner in Macau and Hong Kong.

The son came in at 12th place on Forbes list of Hong Kong billionaires in 2014 with a net worth of USD3.4 billion.

Editor: Ben Armour