Clime Capital’s investment in UGEP highlights the importance of funding renewable energy projects that not only reduce carbon emissions but also foster long-term economic growth.
SINGAPORE, MANILA — As the global push for renewable energy accelerates, Singapore-based Clime Capital is making waves in the Philippines by fueling solar power expansion through a $10 million investment in Upgrade Energy Philippines (UGEP). This strategic funding will help fast-track the development of commercial, industrial, and utility-scale solar projects, marking a significant leap toward the Philippines’ ambitious renewable energy goals.
RELEVANT SUSTAINABLE GOALS
Powering the Philippines’ Solar Revolution
In a critical move for Southeast Asia’s clean energy sector, Clime Capital has announced a substantial investment of up to $10 million in Upgrade Energy Philippines (UGEP), a leading solar developer. The investment, made through Clime Capital’s South East Clean Energy Fund II (SEACEF II), is intended to propel the deployment of solar infrastructure in the Philippines, supporting both commercial and industrial (C&I) customers as well as large-scale utility projects.
This investment arrives at a pivotal time for the Philippines, a nation with growing energy demands and an urgent need for renewable infrastructure to meet the government’s targets of 35% renewable energy by 2030 and 50% by 2040. Ruth Yu-Owen, President and CEO of UGEP, sees the partnership with Clime Capital as a catalyst for achieving these ambitious goals. “Developing infrastructure is an urgent task,” Yu-Owen stated. “Accelerated funding is essential to seizing the current opportunity.”
UGEP: Leading the Charge in Solar Energy
Since its first solar installation in 2015, UGEP has made significant strides in the Philippine solar market. The Manila-based company is on track to surpass 50 MW of installed solar capacity by the end of this year. One of its standout achievements is the construction of the largest rooftop solar array in the country, which was completed in 2023, showcasing UGEP’s pioneering approach to solar leasing for C&I customers.
UGEP’s success in the Philippines goes beyond its solar installations. The company is deeply committed to Environmental, Social, and Governance (ESG) principles, integrating global best practices with a strong focus on gender diversity. As a signatory to the UN Women’s Empowerment Principles, UGEP has made gender equality a core component of its mission, ensuring that sustainability in energy development is also reflected in its workplace culture.
“Our venture is built on the incredible renewable energy potential in the Philippines,” Yu-Owen remarked. “We’re committed not only to achieving the country’s renewable targets but also to fostering sustainable development practices that align with global ESG standards.”
Clime Capital: Investing in a Low-Carbon Future
For Clime Capital, this $10 million investment is about more than just financial support—it’s part of a larger mission to fund clean energy companies that can drive Southeast Asia’s net-zero ambitions. “Clime Capital’s mission is to fund promising clean-energy companies that will contribute toward achieving Southeast Asia’s net-zero targets,” said Mason Wallick, CEO of Clime Capital.
By investing in UGEP, Clime Capital aims to accelerate the company’s ability to deliver solar projects across the Philippines, contributing to the nation’s clean energy transformation. The partnership will also help the Philippines reduce its dependence on fossil fuels and cut greenhouse gas emissions.
“We are excited to support UGEP’s long-term growth,” added Joshua Kramer, Chief Investment Officer at Clime Capital. “Our strategy of providing both growth capital and long-term ESG guidance is designed to support high-potential clean energy companies through a rapid scale-up process.”
At the heart of this investment is the shared vision between Clime Capital and UGEP to build the infrastructure necessary for the Philippines’ decarbonization journey. The Philippines has significant untapped renewable energy potential, and creating the right infrastructure will be key to unlocking this opportunity.
“Pioneering the renewable energy landscape in the Philippines requires investors who understand both the country’s needs and global sustainability standards,” said Pieterjan Vanbuggenhout, Chief Operations Officer at UGEP. “Clime Capital’s model is designed to meet these requirements.”
The Road Ahead: Powering a Sustainable Future
The Philippines is one of the fastest-growing economies in Southeast Asia, and with that growth comes an ever-increasing demand for energy. However, with rising global temperatures and the climate crisis intensifying, the need for clean, renewable energy sources is more critical than ever.
With this new infusion of capital, UGEP is set to scale its operations and continue its leadership in the Philippine solar market. The company’s dedication to developing sustainable infrastructure will not only help the Philippines meet its ambitious renewable energy goals but also serve as a model for other nations in Southeast Asia.
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