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DBP supports solar power project

DBP executive vice president Mario Palou (second from right) shakes hands with UGEP Solar 1, Inc. president Ruth Yu-Owen after the loan agreement signing. Also in photo are DBP senior assistant vice president Raymond Valdez, UGEP Solar 1, Inc. chief finance officer Jocelyn Anivado and DBP manager Christian Joseph Presa.


The Development Bank of the Philippines (DBP) recently granted a P78-million term loan to UGEP Solar 1, Inc. (UGEP Solar) to finance the construction and installation of two photovoltaic rooftop solar power projects with a combined output 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 industrial clients. The company 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 Phils.), 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, a Belgium-based turnkey supplier of industrial energy solutions.

UGEP Phils. 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 power costs.