Private equity firm Global Environment Fund has made an investment of USD30m in UPC Renewables China, an independent renewable energy producer with specific focus in wind energy development.
The investment will be dedicated to wind power development in China, where UPC has 150 MW in construction and more than 3 GW of pipeline projects.
Global Environment Fund is the only outside investor and holds two seats on the board of directors of UPC.
"UPC has been working in China since 2006, and we have seen this market go from a standing start to one of the largest in the world for wind energy. We expect to see sustained long term growth in the wind market in China, and UPC, with support from GEF, is looking forward to participating fully in this market," says Brian Caffyn, chief executive and chairman of UPC.
"We are pleased to be partnering with UPC in its ambitious plans for China. This is a tremendous opportunity to support a world-class wind developer in one of the world’s best clean energy markets," adds Jeffrey Leonard, chief executive of Global Environment Fund. "GEF has known the international sponsors of UPC for many years and we believe that their global experiences, combined with a strong local team of highly skilled Chinese professionals, positions the company well for this market."
