Clime Capital to invest up to USD 10m in Philippine solar firm UGEP

Singaporean fund manager Clime Capital has committed to investing up to USD 10 million (EUR 9.06m) in solar provider Upgrade Energy Philippines (UGEP) to help the company speed up the deployment of solar energy infrastructure across the Philippines.

The financing will be used to advance projects designed for internal consumption by commercial and industrial (C&I) customers as well as utility-scale initiatives to dispatch clean energy to the local grid, a press statement says.

The investment will be made through the South East Clean Energy Fund II (SEACEF II).

UGEP was launched as a joint venture between renewables developer PhilCarbon and Belgium-based Upgrade Energy in 2015. The company is set to surpass 50 MWp of cumulative installed C&I solar capacity by the end of 2024. Among its notable projects is what is touted as the largest rooftop solar installation in the country, which was completed last year.

In January, the company set itself the goal of completing 700 MW of rooftop and ground-mounted solar installations across C&I customers by 2028.

(USD 1 = EUR 0.907)

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