Upgrade Energy sets 700MW solar development target by 2028

Jan 29, 2024

Filipino firm Upgrade Energy Philippines (UGEP) is casting an ambitious target of 700 megawatts for rooftop and ground-mounted solar installations across commercial and industrial (C&I) customers that it is targeting to accomplish by 2028.

So far, the first major project delivered by the company as engineering, procurement and construction (EPC) contractor has been the 13.811MW solar rooftop installation of Merbau Corporation, the renewable energy development arm of JG Summit Holdings of the Gokongwei group.

Merbau President and CEO Patrick Henry Go noted “the successful completion of this project highlights our close partnership and teamwork with UGEP, our premier EPC contractor, towards reinforcing our commitment and dedication to driving sustainable and energy solutions.”

To date, that solar development is considered as the largest consumer-driven solar rooftop installation in the country.

According to UGEP President and CEO Ruth Yu-Owen, that project had inspired the company to accelerate development plans for its targeted clients in the years ahead, although she has not named their next wave of solar projects yet.

“We are very bullish on the growth of solar in the country,” she said, emphasizing that their company “creates efficient and sustainable power solutions for its clients.”

In July last year, UGEP and Aboitiz Power had announced their 50:50 joint venture deal for solar projects – and that partnership provided added succor to the capabilities as well as financial strength for the former to undertake pipelined projects.

“We are backed by the strong experience of our shareholders and management team,” Yu asserted.

At this stage, there are no clear winners yet in the solar rooftop installation space, but this is emerging to be an ‘aggressive investment play’ for many renewable energy (RE) companies in the country – primarily in addressing the need for cleaner energy sources of the C&I base of clients.

Yu opined “the future energy landscape will be one of 100% renewable energy, strategically located close to demand centers and sized appropriately as to limit grid constraints and minimize losses.”

Similar to the packages dangled by other solar rooftop developers, UGEP indicated that its offer to customers would be “zero-upfront costs solar solutions for commercial and industrial clients.”

Onward, the company conveyed that it will also venture into utility-scale wind farm developments; as well as battery energy storage solutions. 

Source: Manila Bulletin
Other Sources: Inquirer.Net, Philstar Global, Power Philippines, Malaya Business Insight, The Manila Times, Manila Standard

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