Iloilo solar, storage project obtains P4.5-B RCBC loan

RIZAL Commercial Banking Corp. (RCBC) said it approved a P4.5-billion Omnibus Loan and Security Agreement for a solar-plus-storage development in Iloilo by Singapore-based solar developer ib vogt.

The senior debt facility will fund a hybrid solar-plus-battery energy storage system (BESS) with a 99-megawatt-peak (MWp) solar Photovoltaics (PV) capacity and a 4 MW/16-MWh battery energy storage system (BESS), the bank said in a statement on Monday.

“This is our first power plant in the Visayas — a market with significant demand fundamentals and strong potential for renewable growth. RCBC’s commitment reflects confidence in the project’s structure and in ib vogt’s track record of delivery in the Philippines. We look forward to bringing it into construction and operation,” ib vogt Asia-Pacific Chief Executive Officer David Ludwig said.

Project development started early this year, with commissioning targeted for the second quarter of 2027.

Once operational, the plant is expected to generate over 160 gigawatt-hours (GWh) of clean electricity annually, serving more than 85,000 households.

Its operations will allow the grid to forgo over 70,000 tons of CO2 emissions per year.

“The integrated BESS will enhance grid stability and improve dispatchability across the Visayas grid,” RCBC said.

Financial close confirmed the project’s bankability under the Green Energy Auction framework.

The project forms part of ib vogt’s development pipeline of over 1,000 MWp across the Philippines, the company’s priority market in Southeast Asia.

RCBC’s attributable net income declined 11.57% to P2.71 billion in the first quarter amid trading and foreign exchange losses. — Aaron Michael C. Sy