Renewable energy company Upgrade Energy Philippines (UGEP) has secured a $10-million fresh capital from Singapore-based fund manager Clime Capital to bankroll its solar energy development and expansion.

The company said over the weekend that the investment, which Clime Capital will course through South East Clean Energy Fund II (SEACEF II), will be primarily allocated to expand its solar energy projects for commercial and industrial consumers.

“I am optimistic about the venture, given the immense renewable energy potential in the Philippines,” UGEP president and CEO Ruth Yu-Owen said. 

“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,” she added. 

RE needs massive infusions

Meanwhile, UGEP chief operations officer Pieterjan Vanbuggenhout highlighted the importance of strategic investments to drive the country’s renewable energy transition. 

“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 standards. Clime Capital’s model is designed to meet these requirements,” Vanbuggenhout said. 

Joshua Kramer, chief investment officer at Clime Capital, echoed these sentiments, underscoring the fund’s strategy of providing both growth capital and long-term ESG guidance. 

“Clime’s strategy is designed to support high-potential clean energy companies through a rapid scale-up process,” Kramer said. “We look forward to supporting UGEP’s long-term growth,” he said. 

Since its first rooftop solar installation in 2015, the company is on track to surpass 50 megawatts of installed capacity by the end of the year.