Singapore-based fund to invest up to $10 million in Philippines solar company

MANILA, Philippines — Solar firm Upgrade Energy Philippines is seeing brighter growth prospects after securing a substantial investment from Singapore-based Clime Capital Management Pte. Ltd.

Clime Capital, a fund management firm focused on driving a shift toward a low-carbon economy, commits to invest up to $10 million in Upgrade Energy through the Southeast Asia Clean Energy Fund (SEACEF) 2.

The investment would fast-track Upgrade Energy’s deployment of solar energy infrastructure in the Philippines, including projects for commercial and industrial customers and those designed to inject clean energy into the power grid.

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

Accelerated funding, she said, is essential to develop critical infrastructure, which would support the country’s ambitious green energy targets.

Under the Philippine Energy Plan, the government wants to increase the share of RE in the power generation mix from 22 percent to 35 percent by 2030 and 50 percent by 2040.

After finishing its first rooftop solar installation in 2015, Upgrade Energy is now looking to surpass a cumulative installed commercial and industrial solar capacity of 50 megawatts (MW) peak within the year.

The company, which boasts a utility-scale solar project in Zambales, wants to add 700 MW of developments in the next four years.

“We are delighted to provide capital to accelerate Upgrade Energy’s delivery of new solar installations in the Philippines,” Clime Capital CEO Mason Wallick said.

Wallick added that Clime Capital aims to finance “promising clean-energy companies that will contribute toward achieving Southeast Asia’s net-zero targets.”

Clime Capital is engaged in early-stage project funding and development, investment and portfolio management and promoting environmental safeguards.

Aside from the Philippines and Singapore, it also has an on-the-ground presence in Vietnam, India and Indonesia.

Article by The Philippine Star