The South East Clean Energy Fund II (SEACEF II) managed by venture capital firm Clime Capital of Singapore is investing up to USD10 million in local solar powerdeveloper UpgradeEnergy Philippines (UGEP).
The capital injection will fund UGEP projects that dispatch clean energy to the grid for commercial and industrial customers as well as utility-scale clients.
“I am optimistic about the venture given the immense renewable energy potential in the Philippines. Developing infrastructure is an urgent task (where) we can help meet the Department of Energy’s target of 35 percent renewable energy by 2030 and 50 percent by 2040. Accelerated funding is essential to seizing the current opportunity,” notes Ruth Yu-Owen, UGEP president and chief executive officer.
UGEP is a pioneer in solar lease projects for commercial and industrial customers in the Philippines.
The renewable energy producer first completed its inaugural rooftop solar installation in 2015 and is poised to exceed the target 50-megawatt peak cumulative installed capacity by the end of the year.
Joshua Kramer, Clime Capital chief investment officer, said the provision of growth capital and long-term environmental, social and governance guidance is meant to support high-potential clean energy companies via a rapid scale-up process.
UGEP targets to add 700 megawatts worth of projects by 2028 and has partnered with Aboitiz Power Distributed Renewables Inc. to secure rooftop and ground-mounted solar projects for commercial and industrial consumers.
Its portfolio comprises 22 rooftop solar projects across malls, factories and manufacturing facilities.
