Clime Capital, a Singapore-based fund manager, is investing in Philippines-based solar developer UGEP. The investment, made through Clime Capital’s South East Clean Energy Fund II, will total up to $10 million.
Clime Capital said the cash injection will help UGEP to deploy both C&I and utility-scale solar projects Manila-based UGEP completed its first solar installation in 2015 and is set to surpass 50 MW of installed capacity by the end of this year. In 2023, it constructed the largest rooftop solar array in the Philippines to date.
“Developing infrastructure is an urgent task so we can meet the Department of Energy's ambitious targets of 35% renewable energy by 2030 and 50% by 2040 – and accelerated funding is essential to seizing the current opportunity,” said Ruth Yu-Owen, president, and CEO of UGEP.
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