Upsolar Commits to Global Renewable Energy Fund Company serves as seed investor to Empower; fund will deploy 200 MW of alternative energy projects worldwide
Upsolar, a leading provider of solar PV modules, 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.'
More information on Empower can be found at www.archeidesicav.lu.
Upsolar develops and produces high quality solar PV modules, offering a secure long-term investment for customers around the world. Bolstered by a commitment to product R&D and support from its flexible manufacturing platforms, Upsolar ensures top-tier performance and reliability while maintaining an asset light approach to its business. All Upsolar products are backed by industry-leading product and performance guarantees to ensure superior performance over the lifetime of each system. Upsolar also champions environmental sustainability through key sponsorships and environmental initiatives. To learn more about Upsolar, its products or its sustainability efforts, please visit www.upsolar.com.
About Archeide, SCA, SICAV FIS
This Fund is a Luxembourg SIF established in the form of a SICAV governed by the 2007 Law, the 2010 Law, the 1915 Law and the Articles. The Fund was incorporated on January 20, 2012 in the form of an SCA under the name ARCHEIDE. The Fund is registered with the Luxembourg Trade and Companies Register under number RCS Luxembourg B 166877. The deed of incorporation of the Fund is published in the Memorial number 862 dated April 2, 2012 page 41340. The general partner of the Fund is ARCHEIDE LUX, an S.à r.l. incorporated with an initial capital of twelve thousand five hundred Euros (EUR 12,500) and registered with the Luxembourg Trade and Companies Register under number RCS Luxembourg B 166767. The deed of incorporation of the Fund is published in the Memorial number 734 dated March 20, 2012 page 35224.
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