The Development Bank of the Philippines (DBP) recently granted a 78 million PHP term loan to UGEP Solar 1 Inc. (Upgrade Energy Phililppines photovoltaic installation project), to finance the construction and installation of two photovoltaic rooftop solar power projects with a combined capacity of 2.1 MWp.
The project is in line with DBP’s thrust to help the country achieve energy independence through the development of renewable energy resources.
Under a Photovoltaic Installation Lease Agreement, UGEP Solar will install, manage, and maintain the solar system of its commercial and insdustrial clients. UGEP Solar will manage the system for 15 years during which its clients can enjoy the benefits of solar power.
UGEP Solar is a special purpose company of Upgrade Energy Philippines (UGEP), a joint venture between Philcarbon, a Philippine-based renewable energy company with over 10 years of experience in the development of renewable energy projects, and Upgrade Energy NV, a Belgium-based turnkey supplier of tailored industrial energy solutions.
Upgrade Energy Philippines (UGEP) established UGEP Solar to offer sustainable energy and energy efficiency solutions for energy intensive companies via solar equipment lease. It aims to help small and medium enterprises in the country become more energy efficient, meet new energy standards and generate savings on energy costs.
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