Upgrade Energy Philippines has secured a major investment from Singapore firm Clime Capital Management Pte. Ltd. setting them up for significant growth.
According to a report by Philippine Star, Clime Capital, a fund management firm focused on advancing a low-carbon economy, has pledged up to USD 10 million through its Southeast Asia Clean Energy Fund (SEACEF) 2.
This investment will accelerate Upgrade Energy’s solar energy infrastructure in the country, targeting commercial and industrial clients and clean energy contributions to the national grid.
Upgrade Energy president and CEO Ruth Yu-Owen expressed confidence about the venture, citing the country’s vast renewable energy (RE) prospects.
Yu-Owen emphasized that rapid funding is crucial for building infrastructure that supports the country’s green energy ambitions.
Upgrade Energy, which completed its first rooftop solar project in 2015, now targets surpassing a 50 megawatts (MW) peak solar capacity for commercial and industrial customers this year.
The company, known for its utility-scale solar project in Zambales, also aims to introduce 700 MW of solar developments over the next four years.
Meanwhile, Clime Capital CEO Mason Wallick said the firm is excited to fund Upgrade Energy’s solar projects, which align with Southeast Asia’s net-zero goals.
Wallick added that Clime Capital focuses on financing clean-energy companies with strong growth potential to help achieve the region’s climate targets.
