| Work Detail |
Clime Capital, a fund manager focused on advancing the low-carbon economy, announced today a significant investment in Upgrade Energy Philippines (UGEP) through the South East Clean Energy Fund II (SEACEF II). The fund has the potential to invest up to USD 10 million in UGEP.
This investment aims to accelerate the deployment of solar energy infrastructure in the Philippines. The funding will support both internal consumption projects for commercial and industrial clients and utility-scale solar projects intended to supply clean energy to the national grid.
UGEP, a trailblazer in solar leasing projects for the commercial and industrial sectors in the Philippines, is on track to exceed 50 MWp of cumulative installed capacity by the end of the year. The company’s achievements include the construction of the largest rooftop solar installation in the country, which was inaugurated last year.
The company is committed to global ESG standards and gender diversity, as evidenced by its adherence to the UN Women’s Empowerment Principles.
Ruth Yu-Owen, President and CEO of UGEP, expressed optimism about the investment, highlighting the Philippines’ vast renewable energy potential. “The development of infrastructure is crucial to meet the Department of Energy’s renewable energy targets of 35% by 2030 and 50% by 2040. Accelerated funding is key to capitalizing on this opportunity,” she stated.
Pieterjan Vanbuggenhout, Chief Operations Officer at UGEP, emphasized the importance of investors who understand the country’s renewable energy landscape and adhere to global ESG standards. “Clime Capital’s model aligns perfectly with these needs,” he said.
Mason Wallick, CEO of Clime Capital, expressed his enthusiasm for the investment. “We are pleased to support Upgrade Energy in expanding its solar installations in the Philippines. Our mission is to fund innovative clean-energy companies contributing to South East Asia’s net-zero goals,” he said.
Joshua Kramer, Chief Investment Officer at Clime Capital, highlighted the firm’s approach of providing both growth capital and long-term ESG guidance to accelerate the scale-up of high-potential clean energy companies. “We look forward to supporting UGEP’s continued growth,” he added.
This investment represents both a financial commitment and a shared vision for a more sustainable and environmentally friendly energy future in the region. |
