Chinese PV module provider Upsolar has joined Empower, an international fund created to promote the deployment of renewable energy technologies.
As the seed investor, Upsolar will provide an initial contribution of $20 million in addition to technical and market expertise. The fund is expected to reach $300 million by 2015, with support from a wide range of small and mid-size investors.
Empower 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. The fund's initial goal is to finance 200 MW in renewable energy projects.
Managed by Luxemburg-based Archeide Lux, Empower connects global investors and developers to streamline investments in renewable energy.
"Upsolar's participation in Empower is an important stepping stone toward the development of a comprehensive international renewable energy financing mechanism," said Archeide Lux Director Alessandro Bruscagin. "Building from this solid foundation, we are well positioned to attract a host of forward-thinking individual and institutional partners."
Enrico Carniato, Upsolar's deputy manager of Global Investment and Business Development, added, "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. As the seed investor in the fund, Upsolar reaffirms its focus on providing new incentives to facilitate the expansion of renewable energies worldwide."
The Empower fund is an open-ended specialized investment fund (SIF) under Luxembourg law known as a SICAV (société d'investissement à capital variable, or an "investment company with variable capital").
Founded in Hong Kong in 2006, Upsolar develops and produces solar PV modules and operates globally with offices in China, Japan, Australia, the United States and throughout Europe.