Image: Chirayu Trivedi, Unsplash
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 $10 million.
Clime Capital said the cash injection will help UGEP deploy both C&I and utility-scale solar projects. Manila-based UGEP completed its first solar installation in 2015 and is expected to surpass 50 MW of installed capacity by the end of this year. In 2023, it built 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 financing is essential to seize the current opportunity,” said Ruth Yu Owen, President. and CEO of UGEP.
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