UPC Renewables China Ltd., a Hong Kong and Beijing-based developer of wind projects, has completed its financing round with a total investment of $60 million. CIAM Group Ltd. and Global Environment Fund participated in the second closing, adding to existing investments from Macquarie Bank Ltd. and DB Masdar Clean Tech Fund LP announced in December 2010.
The funds will be used by UPC to construct more wind projects and further develop the company's wind power portfolio in China. UPC is currently completing construction and commencing operations on 150 MW of wind projects. The company recently signed an agreement with China Guodian Corp. to jointly develop seven wind power projects with capacity exceeding 1,075 MW in total.
SOURCE: UPC Renewables China Ltd.