Ruth Yu-Owen, President and CEO of UGEP
Clime Capital, a Singapore-based investor driving the shift towards a low-carbon economy, has invested an undisclosed sum in solar leasing company Upgrade Energy Philippines (UGEP) through its South East Clean Energy Fund II (SEACEF II).
SEACEF II has the capability to invest up to US$10 million in UGEP.
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The capital will support Upgrade Energy in expediting the deployment of solar energy infrastructure in the Philippines, including projects designed for internal consumption by commercial and industrial customers and utility-scale solar projects designed to dispatch clean energy to the electrical grid.
Upgrade Energy leases solar projects for commercial and industrial customers in the Philippines. Since completing its inaugural rooftop solar installation in 2015, the firm is set to surpass 50 MWp of cumulative installed commercial and industrial solar capacity by 2024-end.
Ruth Yu-Owen, President and CEO of Upgrade Energy, said, “Developing infrastructure is urgent so we can meet the Department of Energy’s ambitious targets of 35 percent renewable energy by 2030 and 50 percent by 2040—and accelerated funding is essential to seizing the current opportunity.”
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Pieterjan Vanbuggenhout, COO at Upgrade, said, “Creating the infrastructure for the Philippines’ decarbonisation journey requires investors that appreciate the country’s renewable energy landscape as well as helping to meet global ESG standards. Clime Capital’s model is designed to meet these requirements.”
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