SG-based Clime Capital invests in PH solar energy infrastructure

Singapore-based fund manager Clime Capital has partnered with solar provider Upgrade Energy Philippines, which is a key player in the country's solar project landscape.

The investment was made through the South East Clean Energy Fund II (SEACEF II).  The SEACEF II has the capability to invest up to US$ 10 million in UGEP.

The investment aims 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.

This will also help utility-scale solar projects designed to dispatch clean energy to the electrical grid.

“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 seizing the current opportunity,'' Ruth Yu-Owen, Upgrade Energy, said in a press release.

For his part, Mason Wallick, CEO of Clime Capital, said they 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,'' Walick said. —Anna Felicia Bajo/RF, GMA Integrated News