Private equity firm Global Environment Fund (GEF) announces the completion of an investment of $30 million in UPC Renewables China Holdings Ltd. (UPC, the Company), an independent renewable energy producer with specific focus in wind energy development. The investment will be dedicated to wind power development in China, where the Company has 150 MW in construction and more than 3 GW of pipeline projects.
GEF is the only outside investor and holds two seats on the Board of Directors of the Company. "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," said Brian Caffyn, CEO 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," said Jeffrey Leonard, CEO of GEF. "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." 2010 Al Bawaba (www.albawaba.com)
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