PH solar player secures $10M from Singaporean investment firm
Upgrade Energy Philippines (UGEP) is set to receive a financial boost amounting to $10 million from a Singaporean investment company for its solar power projects.
In a statement over the weekend, the solar developer said that Singaporean investment company Clime Capital has committed to providing the funding through its South East Clean Energy Fund II.
The additional capital, UGEP said, would help accelerate its deployment of solar energy infrastructure across the country, including developments intended for commercial and industrial customers. Utility-scale solar developments would also be prioritized to provide energy to the country’s grid system.
“I am optimistic about the venture, given the immense renewable energy potential in the Philippines. Developing infrastructure is an urgent task 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,” said Ruth Yu-Owen, president and chief executive of Upgrade Energy.
Toward net-zero targets
“Creating the infrastructure for the Philippines’ decarbonization journey requires investors that appreciate the country’s renewable energy landscape as well as helping to meet global ESG (environmental, social, and governance) standards,” added Pieterjan Vanbuggenhout, chief operations officer at Upgrade.
Mason Wallick, chief executive of Clime Capital, meanwhile said the group would continue to beef up capital requirements of “promising clean energy companies” to help achieve Southeast Asia’s net-zero targets.
UGEP, first established in 2015 as a joint venture between renewable energy firm PhilCarbon Inc. and Belgian company Upgrade Energy, develops and maintains commercial and industrial solar projects in the country.
It was previously tapped by Gokongwei-led conglomerate JG Summit Holdings Inc. and AboitizPower Distributed Renewables Inc. for rooftop and ground-mounted solar projects.
In January, UGEP said it was looking at developing 700 megawatts of solar energy projects in four years.
