Upgrade Energy Philippines (UGEP), a solar energy and energy efficiency project developer, announced an investment from Clime Capital, a Singapore-based venture capital group focused on green energy transition, through the South East Clean Energy Fund II (SEACEF II). UGEP expects to receive up to $10 million from this fund.
The company focuses on solar leasing projects for commercial and industrial customers in the Philippines.
The capital injection is intended to support UGEP in expediting the deployment of solar energy infrastructure in the country, including projects designed for internal consumption by commercial and industrial customers and utility-scale solar projects designed to dispatch clean energy to the electrical grid.
Ruth Yu-Owen, President and CEO of Upgrade Energy, said, “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% renewable energy by 2030 and 50% by 2040 – and accelerated funding is essential to seize the current opportunity.”
The company said it will surpass 50MWp of cumulative installed commercial and industrial solar capacity by the end of this year.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, VC funding activity decreased 29% YoY, with $2.7 billion raised in 29 deals compared to $3.8 billion from 33 deals in the first half of 2023. However, in Q2 2024, global VC funding activity rose 29% year over year (YoY), with $2.2 billion in 16 deals compared to $1.7 billion raised in 15 deals in Q2 2023.
Early this year, Pine Gate Renewables, a solar project developer, secured a $650 million investment from Generate Capital, the Healthcare of Ontario Pension Plan (HOOPP), and HESTA. The transaction extends Generate Capital’s existing partnership with Pine Gate and brings new institutional investors to the solar developer’s platform.
