Upsolar commits to global renewable energy fund
Wednesday, Feb 05, 2014
Upsolar, a leading provider of solar PV modules, today announced its participation in Empower, an international SICAV SIF fund created to promote the deployment of renewable energy technologies. As the seed investor, Upsolar will provide an initial contribution of USD 20M, in addition to technical and market expertise.
Managed by Luxembourg-based Archeide Lux, Empower connects global investors and developers to streamline investments in renewable energy. The fund will promote the development of low-carbon electricity—including solar, wind, hydroelectric, biomass and energy efficiency projects—across Europe, Asia, North America and the Middle East.
“Upsolar’s participation in Empower is an important stepping stone toward the development of a comprehensive international renewable energy financing mechanism,” said Alessandro Bruscagin, Director of Archeide Lux. “Building from this solid foundation, we are well positioned to attract a host of forward-thinking individual and institutional partners.”
The fund is expected to reach USD 300M by 2015, with support from a wide range of small- and mid-size investors. Empower’s initial goal is to finance 200 MW in renewable energy projects featuring photovoltaic, wind, hydroelectric and biomass power plants.
“Empower offers a strong, secure opportunity for investors wishing to diversify their portfolios and get in on the ground level of a rapidly growing industry,” said Enrico Carniato, Upsolar’s Deputy Manager of Global Investment and Business Development. “As the seed investor in the fund, Upsolar reaffirms its focus on providing new incentives to facilitate the expansion of renewable energies worldwide.”
Source: Business Wire