Upgrade Energy Philippines

What Upgrade Energy Philippines does

Upgrade Energy Philippines, Inc. (UGEP) is a Philippine-domiciled solar energy company founded in 2015 as a joint venture between PhilCarbon and the Belgian firm Upgrade Energy, headquartered in Makati City with 51-100 employees. The company designs, finances, builds, owns, and operates solar photovoltaic systems for commercial and industrial (C&I) customers across the Philippines, with a cumulative operational portfolio of approximately 76.7 MWp of solar PV and 11 MWh of battery energy storage spanning more than 50 completed projects. Core technical capabilities include full in-house turnkey engineering, procurement, and construction (EPC), tier-1 equipment sourcing, and remote web-based performance monitoring with semi-annual preventive maintenance.

UGEP monetizes these assets through a mix of long-dated solar Power Purchase Agreements (PPAs) with zero upfront cost to clients, one-time EPC contracts for direct-owned systems, recurring operations and maintenance (O&M) services, and asset management for renewable energy portfolios. The go-to-market is enterprise field sales targeting large malls, manufacturing plants, real estate developers, and institutional clients, supplemented by the 50:50 Advent Upgrade Solar Inc. (AUSI) joint venture with Aboitiz Power Distributed Renewables. Strategic financial backing includes up to USD 10 million from Clime Capital's SEACEF II, a P254 million credit line from the Development Bank of the Philippines, and working capital loans from Landbank of the Philippines. In 2025 the company reported a 73% year-on-year revenue increase, a 412% year-on-year increase in solar PV capacity, and targets of 700 MW of C&I solar by 2028 and 500 MW of utility-scale renewable energy by 2030.

Name

Upgrade Energy Philippines

Legal name

Upgrade Energy Philippines, Inc.

Website

https://ugep-energy.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

51–100 employees

Short description

Upgrade Energy Philippines is a Makati-based solar EPC and project developer delivering zero-upfront-cost solar Power Purchase Agreements, full in-house engineering, and operations and maintenance services to commercial and industrial customers across the Philippines.

Ownership category

akta.pro rank

Product category

Solar EPC and Renewable Energy Services

NAICS

Solar Electric Power Generation (221114), Electric Power Generation (22111)

SIC

Electric Services (4911)

akta.pro primary industry

Solar Project Development & IPP (Utility-Scale & Rooftop) (EUAMABAA)

akta.pro secondary industries

Commercial Structuring & Offtake (PPAs, CfDs, Corporate PPAs, Merchant Strategy) (EUAMAAAE), Utility-Scale Power Generation Asset Management (EUAEAMAA), Retail & Community PPAs (Community Solar/Shared Renewables) (EUAGADAC)

Keywords

• Commercial solar solutions
• Engineering procurement construction
• Solar power purchase agreements
• Rooftop photovoltaic systems
• Battery energy storage

Headquarters

HQ city

Makati

HQ country

Philippines

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Solar Power Purchase Agreements (PPAs): Clients pay for solar energy generated without upfront capital investment. UGEP installs, owns, and operates the solar facility while the client purchases the power at predetermined rates, typically lower than grid electricity costs.
2. EPC Services: Engineering, Procurement, and Construction services for solar installations. UGEP designs, procures equipment, and constructs solar projects for clients who prefer to own their systems directly.
3. Operations and Maintenance: Ongoing O&M services including remote monitoring, preventive maintenance, troubleshooting, and performance optimization for installed solar assets.
4. Asset Management: Full lifecycle management of renewable energy assets including monitoring, optimization, and contract administration for solar and battery storage systems.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Upgrade Energy Philippines (UGEP) designs, finances, builds, and operates commercial, industrial, and utility-scale solar photovoltaic (PV) projects in the Philippines. Core offerings include zero-upfront-cost solar Power Purchase Agreements (PPAs) for C&I customers, full in-house Engineering, Procurement and Construction (EPC) services, utility-scale renewable energy project development including battery energy storage, and ongoing Operations and Maintenance with remote monitoring.

Product overview

Upgrade Energy Philippines (UGEP) offers a portfolio of renewable energy solutions centered on solar power. The core offerings include Commercial and Industrial (C&I) Solar Solutions delivered through Power Purchase Agreements (PPAs) with zero upfront costs, and Utility-Scale Renewable Energy Project Development covering solar, wind, and battery storage. These are supported by in-house Engineering, Procurement, and Construction (EPC) services and Operations & Maintenance capabilities. UGEP also operates through its joint venture Advent Upgrade Solar Inc. (AUSI) with Aboitiz Power, expanding its C&I solar market presence.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• 73% year-on-year revenue increase in 2025
• +5 more outcomes

Named customers15 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core, flagship and minor.

• Ortigas Land CorporationcoreStrategic or Co-development Partner · 13 May 202620-year power purchase agreement through AUSI joint venture to supply 1,587 kWp renewable energy to GH Mall in San Juan City, Metro Manila. Partnership announced as Ortigas Land marks its 95th year.
• Aboitiz Power Distributed Renewables, Inc. (APX)flagshipStrategic or Co-development Partner · 12 July 202350:50 joint venture partnership to develop and operate distributed solar systems for commercial and industrial market. Creates Advent Upgrade Solar Inc. (AUSI) combining UGEP's EPC expertise with APX's retail customer base. Aims to dominate the C&I solar market in the Philippines.
• Philippine Economic Zone Authority (PEZA)minorStrategic or Co-development Partner · 22 September 2022MOU for development of solar energy projects within economic zones. First phase targets 10 MW each at Cavite Economic Zone and Baguio City Economic Zone. PEZA provides assistance for feasibility studies, land identification, and registration under CREATE Law and Renewable Energy Act.
• Manila Electric Company (Meralco)minorStrategic or Co-development PartnerPartnership through PEZA ecozone initiative to deploy renewable energy systems and lower ecozone energy costs through embedded power systems.
• Philippine National Oil Co.minorStrategic or Co-development PartnerPartnership through PEZA ecozone initiative for renewable energy deployment across economic zones.
• PhilCarboncoreStrategic or Co-development PartnerOriginal joint venture partner at UGEP's founding in 2015. PhilCarbon is one of the pioneer renewable energy project developers in the Philippines.
• Merbau Corporation (JG Summit Holdings)coreStrategic or Co-development PartnerEPC contractor for 13.811 MW rooftop solar project at JG Summit petrochemical complex in Batangas - the largest consumer-driven rooftop solar installation in the Philippines. UGEP serves as premier EPC contractor for Merbau's renewable energy expansion.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Citicore Power: Philippine solar IPP developing utility-scale solar farms across the country. Competes directly with UGEP in the utility-scale development space and increasingly in C&I PPAs, with shared Philippine customer base and policy tailwinds.
• Solar Philippines: One of the largest Philippine solar developers, focused on utility-scale and rooftop PV across the country. Directly competes with UGEP for C&I and large-scale solar projects in the same domestic market with overlapping customer segments.
• AC Energy: Philippine renewable energy developer under Ayala Group, building utility-scale solar, wind, and storage. Competes with UGEP for utility-scale projects and C&I PPA customers, with significantly larger balance sheet and project pipeline.

Emerging players

• Scatec ASA: Norwegian renewable energy IPP focused on solar, wind, and storage in emerging markets. Comparable to UGEP through its solar+battery hybrid business model and emerging-market focus, though operating at a much larger global scale.

Broad incumbents

• First Gen Corporation: Major Philippine power generator (Lopez Group) with renewable energy portfolio including geothermal, hydro, wind, and solar. Broad incumbent competing for utility-scale RE projects and embedded generation opportunities alongside UGEP.
• Aboitiz Power: Major Philippine conglomerate-owned power company and parent of UGEP's AUSI JV partner (APX). Competes broadly in renewables, hydro, thermal, and distribution, and acts as both a partner and a competitor to UGEP in C&I solar.
• SunPower Corporation: Global residential and C&I solar company with solar leasing heritage. Comparable to UGEP for its C&I solar PPA model, though operating at significantly larger scale and in different geographies.

Regional players

• Vena Energy: Asia-Pacific renewable energy IPP based in Singapore, active across Southeast Asia including projects in the Philippines. Comparable as a regional solar and storage developer; overlaps with UGEP in target market and emerging-market focus.
• Sunseap (Engie Group): Singapore-based solar developer (now part of Engie) operating rooftop and floating solar across Southeast Asia. Comparable as a regional solar EPC and C&I PPA player, though not yet deeply active in the Philippines.

Others

• Philippine National Oil Company (PNOC): State-owned Philippine energy company and UGEP partner in PEZA ecozone initiatives. Adjacent to UGEP through government-linked renewable energy deployment and potential co-developer for utility-scale projects.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/UpgradeEnergyPhilippines
• LinkedInlinkedin.com/company/ugep-energy

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Upgrade Energy Philippines