Clime Capital Partners with Upgrade Energy Philippines to Enhance Solar Infrastructure

Clime Capital, a leading fund manager dedicated to fostering the low-carbon economy, has announced a substantial investment in Upgrade Energy Philippines (UGEP) through the South East Clean Energy Fund II (SEACEF II). This investment, potentially reaching up to USD 10 million, is set to enhance solar energy infrastructure in the Philippines.

The funding will be directed towards advancing solar energy projects, both for internal consumption by commercial and industrial clients and for large-scale utility projects aimed at supplying clean energy to the national grid.

UGEP, a pioneer in solar leasing for commercial and industrial applications in the Philippines, is on track to surpass 50 MWp of cumulative installed capacity by year-end. The company has achieved notable milestones, including the completion of the nation’s largest rooftop solar installation last year.

The company adheres to global ESG standards and is committed to gender diversity, following the UN Women’s Empowerment Principles.

Ruth Yu-Owen, President and CEO of UGEP, expressed her enthusiasm for the investment, emphasizing the critical role of infrastructure development in achieving the Department of Energy’s renewable energy targets of 35% by 2030 and 50% by 2040. “Accelerated funding is essential to harness the Philippines’ vast renewable energy potential,” she stated.

Pieterjan Vanbuggenhout, Chief Operations Officer at UGEP, highlighted the importance of investors who are attuned to the local renewable energy landscape and adhere to global ESG standards. “Clime Capital’s approach aligns seamlessly with these needs,” he noted.

Mason Wallick, CEO of Clime Capital, conveyed his support for the investment, saying, “We are excited to partner with Upgrade Energy in expanding its solar capabilities in the Philippines. Our goal is to back innovative clean-energy companies that are pivotal to South East Asia’s net-zero aspirations.”

Joshua Kramer, Chief Investment Officer at Clime Capital, emphasized the firm’s commitment to providing both growth capital and long-term ESG guidance to scale up high-potential clean energy enterprises. “We are eager to support UGEP’s continued growth,” he added.

This investment underscores a mutual commitment to advancing sustainable and environmentally friendly energy solutions in the region.