Fabless module manufacturer Upsolar has committed US$20 million to a new clean energy fund.
The Empower fund is looking to raise US$300 million to install 200MW of renewable energy in Europe, Asia, North America and the Middle East.
“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.”
The fund is being run by Luxembourg-based Archeide Lux and will invest in solar, wind, hydro and biomass projects.
“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.”