Singapore-based fund manager Clime Capital has invested in Upgrade Energy Philippines (UGEP), a key player in the Philippine solar project landscape, through the South East Clean Energy Fund II, which has the capability to invest up to US$10 million in the company.

The capital injection, the fund manager states, is intended to support the solar provider in expediting the deployment of solar energy infrastructure in the country, including projects designed for internal consumption by commercial and industrial customers as well as utility-scale solar projects designed to dispatch clean energy to the electrical grid.

The company is a pioneer of solar leasing projects for commercial and industrial customers in the Philippines. Since completing its inaugural rooftop solar installation in 2015, the solar provider is set to surpass 50 megawatts-peak of cumulative installed commercial and industrial solar capacity by the year’s end. Notable among these accomplishments is the construction of the largest rooftop solar in the Philippines, inaugurated last year.

The company, which, it says, is dedicated to global environmental, social and governance standards with a strong commitment to gender diversity practices, is a signatory to the UN Women’s Empowerment Principles and is guided by these principles to ensure gender equality in the workplace.

This investment not only signifies a financial commitment, the companies say, but also a shared vision towards a more sustainable and environmentally friendly energy transition in the region.

“I am optimistic about the venture, given the immense renewable energy potential in the Philippines,” adds Ruth Yu-Owen, Upgrade Energy’s president and CEO. “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.”