- Clime Capital invests up to $10 million in Upgrade Energy Philippines (UGEP) through its South East Clean Energy Fund II, targeting commercial, industrial, and utility-scale solar projects.
- UGEP is set to surpass 50 MW of installed solar capacity by the end of 2023 and has already completed the most enormous rooftop solar array in the Philippines.
- UGEP’s CEO, Ruth Yu-Owen, emphasises the need for accelerated funding to meet the Philippines’ renewable energy targets of 35% by 2030 and 50% by 2040.
Singapore-based fund manager Clime Capital will invest up to $10 million in Upgrade Energy Philippines (UGEP). The funds, provided through Clime Capital’s South East Clean Energy Fund II, aim to expand solar energy in the Philippines. UGEP will use the capital to develop commercial and industrial (C&I) and utility-scale solar projects.
UGEP, based in Manila, completed its first solar project in 2015. The company has steadily grown and is expected to surpass 50 MW of installed solar capacity by the end of 2023. This year, UGEP built the most enormous rooftop solar array in the Philippines, further solidifying its position in the market.
The new investment is critical to the company’s strategy to accelerate solar power deployment. Ruth Yu-Owen, President and CEO of UGEP, highlighted the importance of funding in helping the Philippines meet its renewable energy goals. “Developing infrastructure is critical,” she said. “We need to meet the Department of Energy’s target of 35% renewable energy by 2030 and 50% by 2040.”
The Philippines has ambitious renewable energy plans and has been focusing on solar to meet these goals. UGEP’s solar projects are set to significantly increase the country’s clean energy capacity. Clime Capital’s investment comes at a crucial time as the demand for renewable energy continues to rise across Southeast Asia.
Clime Capital specialises in supporting renewable energy projects across the region. Its South East Clean Energy Fund II is designed to finance companies advancing clean energy solutions. This investment in UGEP aligns with Clime Capital’s goal of fostering sustainable energy development in emerging markets.
Solar energy is increasingly seen as a vital component of the Philippines’ energy mix. The government has been working to reduce dependence on fossil fuels and increase renewable energy sources like solar. As part of its strategy, the Department of Energy has set specific targets to significantly raise the percentage of renewables in the country’s energy supply over the coming decades.
UGEP’s focus on C&I and utility-scale solar projects positions the company to benefit from these government targets. C&I solar installations are becoming more popular as businesses seek to reduce their electricity costs and carbon footprints. Utility-scale solar farms, which can supply large amounts of energy to the grid, are also crucial for expanding renewable capacity in the Philippines.
Clime Capital’s $10 million investment is expected to speed up the development of solar projects, allowing UGEP to meet the growing demand for renewable energy. This funding will support UGEP’s efforts to scale its operations and reach new milestones in solar power deployment.
The Philippines is a growing market for renewable energy, and investments like this are vital to meeting the country’s clean energy targets. With the backing of Clime Capital, UGEP is well-positioned to lead the development of solar energy in the region. As the company continues to expand, it will play a critical role in shaping the future of the Philippines’ renewable energy landscape.