UPC Renewables China Ltd (“UPC”), a Hong Kong and Beijing based developer of wind power, announces today that it has completed its financing round with total investment of US$60m. CIAM Group Limited (“CIAM”) and Global Environment Fund (“GEF”) participated in the second closing adding to existing investments from Macquarie Bank Ltd and DB Masdar Clean Tech Fund L.P announced on 23 December 2010.
The funds will be used by UPC to construct more wind projects and further develop UPC’s wind power portfolio in China. UPC is currently completing construction and commencing operations on 150MW of wind projects and on 19 January 2011 signed an agreement with China Guodian Corporation to jointly develop seven wind power projects with capacity exceeding 1,075 megawatts in total. UPC now has a development pipeline of more than 7,200 megawatts.
Brian Caffyn, CEO and chairman of UPC, said: “UPC is delighted to have a high quality investor like CIAM involved in our business. We look forward to a close and strong cooperation with CIAM and to find opportunities to work with CIAM and their affiliates under CITIC International Assets Management Limited to enhance our business. We are also delighted that GEF, as an existing shareholder, has decided to increase their investment in UPC. With our first projects now commencing operations we are looking forward to working with our existing investors to accelerate the build-out of our pipeline of wind projects.”
Kelvin Lo, CEO and Executive Vice Chairman of CIAM, said: “This is another solid move for CIAM to implement its “Green and Growth” strategy. CIAM will continue its “green” investments and seek to co-operate with major local and international players in various sectors.”
UPC was founded by the UPC Group, which focuses on wind and solar energy production. It has developed, financed and installed over 1,000 utility-scale wind turbine generators in Italy and the US, and has active wind developments in a number of other countries, including the Philippines and North Africa.
About CIAM Group Limited
CIAM (HKEX: 378) is an investment holding company primarily engaged in direct investment business including private equity and fund management business. Since 2009, the Group has also been actively gearing itself towards investments in the environmental friendly related industry with focus on renewable energy in the PRC.