Singapore-based fund manager Clime Capital on Monday announced its investment of up to $10 million in Upgrade Energy Philippines (UGEP).
Clime Capital’s investment, which will be made through South East Clean Energy Fund II (SEACEF II), is aimed at supporting UGEP in expediting the deployment of solar energy infrastructure in the country.
These projects are designed for internal consumption by commercial and industrial customers as well as utility-scale solar projects for the dispatch of clean energy to the electrical grid.
UGEP focuses on solar leasing projects for commercial and industrial customers in the Philippines. Since the completion of its inaugural rooftop solar installation in 2015, UGEP is set to surpass 50 MWp of cumulative installed commercial and industrial solar capacity by the year-end.
Upgrade Energy President and CEO Ruth Yu-Owen emphasised the development of infrastructure to meet the Department of Energy’s ambitious targets of 35% renewable energy by 2030 and 50% by 2040. “Accelerated funding is essential to seizing the current opportunity,” she added.
In July this year, Clime Capital invested $10 million in Vietnam’s clean energy company Nami Distributed Energy through the SEACEF II, which announced its first close at $127 million in January.
SEACEF II’s first closing was backed by junior first-loss equity investors, primarily philanthropic and government-supported organisations, including Allied Climate Partners, Australian Development Investments (an Australian Government initiative), the Global Energy Alliance for People and Planet (GEAPP), and Impact Assets.
Senior equity investors included BII, the UK‘s development finance institution; the Cisco Foundation; FMO, the Dutch entrepreneurial development bank; the International Finance Corporation (IFC); Norfund, REI Co-op, and Sweden’s Swedfund International.
Clime Capital had participated in a $55-million investment in Indonesian renewable energy startup PT Xurya Daya Indonesia (Xurya), alongside the Norfund-managed Norwegian Climate Investment Fund, British International Investment, and AC Ventures.
In June, the firm also invested in the Philippines-based green logistics company Mober, which raised $6 million.
Clime Capital’s other portfolio firms in the region include Indonesia-based energy efficiency company Synergy Efficiency Solutions and Vietnam’s renewable energy startup Stride.
