Singapore fund manager to invest in Upgrade Energy
By Lenie Lectura – September 9, 2024
from Business Mirror
Clime Capital Management Pte. Ltd., a Singapore-based fund manager which manages the South East Clean Energy Fund II (SEACEF II), said up to $10 million would be made available to Upgrade Energy Philippines (UGEP) to expedite the implementation of solar energy infrastructure in the Philippines.
“We are delighted to provide capital to accelerate Upgrade’s delivery of new solar installations in the Philippines. Clime Capital’s mission is to fund promising clean-energy companies that will contribute toward achieving South East Asia’s net-zero targets,” said Clime Capital CEO Mason Wallick.
The financial assistance is through an investment by Clime Capital in SEACEF II which, in turn, has the capability to invest up to $10 million in UGEP.
UGEP is an engineering, procurement and construction (EPC) provider and asset manager that is targeting to add 700 megawatts (MW) of developments by 2028. It has partnered with Aboitiz Power Distributed Renewables Inc. to work towards securing rooftop and ground-mounted solar projects for commercial and industrial consumers. It is also the developer of the 50 MW utility-scale solar project in Zambales, with more similar projects lined up for development in the coming years.
“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 CEO of Upgrade Energy.
The amount is going to be a big boost for UGEP in supporting its solar projects, including those designed for internal consumption by commercial and industrial customers as well as utility-scale solar projects designed to dispatch clean energy to the electrical grid.
“Clime’s strategy of providing both growth capital and long-term ESG [environmental, social and governance] guidance is designed to support high-potential clean energy companies through a rapid scale-up process. We look forward to supporting UGEP’s long-term growth,” said Joshua Kramer, Chief Investment Officer at Clime Capital.
UGEP said it is dedicated to global ESG standards, with a strong commitment to gender diversity practices. The company is a signatory to the UN Women’s Empowerment Principles.
