UPC Renewables was formed in early 2006 by principals of the UPC Group of Companies (the “UPC Group” or “UPC”) to consolidate the business of UPC outside North America and to start its venture into solar. UPC Renewables has over 2,300 MW of wind and solar projects under active development in Europe, North Africa, and Asia.

Over the twelve year history of the UPC Group, it has focused on developing, financing, constructing, owning, operating and growing a portfolio of high return wind generation assets. This model has been updated to include solar energy projects. By entering high potential development markets early and building experienced management teams to deliver projects, UPC has twice previously built businesses which have delivered exceptional returns to investors.

To date, the UPC Group has developed, financed and installed over one thousand large-scale WTGs which have an output capacity of 648MW in southern Italy and 92MW in the US with a further 900MW due to be operational during 2008 in the US.

UPC’s earliest wind farm developments were built in 1995 in Italy. At the time UPC sold IVPC, its Italian wind business, in 2005, it had built approximately 650MW of capacity representing over 50% of the total installed Italian wind capacity. UPC developed, financed, constructed, owned and operated all aspects of this business, selling 50% of the equity of its first two projects to Tomen and Edison Mission Energy respectively, and was instrumental in Vestas setting up a new turbine manufacturing facility in Taranto, Italy.

UPC entered the North American market in 2002. Since then the Company has built a backlog of approximately 3,600 MW of high return wind projects. In early 2006, UPC closed on a large equity financing with D.E. Shaw & Co and Madison Dearborn Partners and began aggressively building out its high-return backlog. Currently, the Company has completed three operational projects representing 92 MW and expects to have approximately 900 MW of its 1,700 MW of late stage development projects constructed and operational by 2008.

UPC Renewables has established a global business network and currently has offices in eight countries, including the Netherlands, UK, Poland, Greece, Romania, China, Hong Kong and the Philippines. It currently has 38 staff, with 19 based in Europe and 19 in Asia.