UPC Renewables China Ltd announces today that Macquarie Bank Ltd and DB Masdar Clean Tech Fund L.P. have each committed US$25m for a combined US$50m investment in UPC Renewables China (UPC), a Hong Kong and Beijing based company, to construct more wind projects and further develop UPC’s wind power portfolio in China. UPC is currently completing construction on 150MW of wind projects and has more than 7GW of projects in its pipeline.
Brian Caffyn, CEO and chairman of UPC, said: “UPC has been working in China since 2006 and we have seen this market transform from a standing-start to one of the largest in the world for wind energy in very short time. The Chinese Government’s commitment to clean energy and the compelling cost effectiveness of wind energy mean that we expect to see sustained, long term growth in the wind market in China. With support from Macquarie, DB Masdar and our existing shareholder, Global Environmental Fund (GEF), UPC is looking forward to participating fully in this market.”
“UPC has built a strong wind energy business in China and we look forward to working with the UPC team to expand the wind portfolio in the coming years. Macquarie has a long and successful history of investing in Chinese clean energy and remains committed to working with Chinese businesses in this important and growing sector,” says John Marlow, Global Head of Macquarie Environmental Financial Products.
“Our investment in UPC Renewables China allows us to participate in one of the world’s most compelling and fastest growing wind energy markets,” says Gisele Everett, a partner at the DB Masdar Clean Tech Fund, L.P.
The Royal Bank of Scotland N.V. (“RBS”) acted as Financial Advisor to UPC.