The Market Monitor Minding the Nation's Business
A 166-megawatt peak solar project with an 80-megawatt-hour battery storage system in Iloilo has secured ₱6.215 billion in financing, paving the way for its targeted commercial operation by the second quarter of 2027.
Singapore-based Levanta Renewables reached financial close for the Barotac Viejo project through a co-financing package with Philippine National Bank (PNB).
The project is expected to add new renewable energy capacity to the Visayas grid while providing battery storage to support a more reliable power supply.
“Achieving financial close is a major milestone for this project,” Levanta Renewables chief executive officer Pramod Singh said.
“We value PNB’s support and confidence in our vision. With strong partners behind us, we are well-positioned to deliver cleaner and more reliable energy for the Philippines.”
PNB FSVP and Corporate Banking Group head Allan L. Ang said the bank’s participation reflects its support for investments aimed at addressing the country’s growing energy requirements and strengthening energy security.
“PNB is proud to support Levanta Renewables in the development of this landmark clean energy project,” Ang said.
“As the country moves toward a more balanced and sustainable energy mix, we remain committed to supporting investments that help address growing energy needs, strengthen energy security, and drive inclusive economic growth. We are pleased to contribute to initiatives that can deliver long-term value to communities and the broader Philippine economy.”
Ang said the project is also aligned with PNB’s Sustainability Framework, which promotes financing for responsible and sustainable growth.
“This partnership with Levanta supports PNB’s Sustainability Framework, which guides our efforts to promote responsible and sustainable growth through purposeful financing,” he said.
“By supporting renewable energy projects such as this, PNB is helping enable the country’s transition toward cleaner energy sources while advancing our commitment to environmental stewardship and sustainable development.”
The financial close was marked by a ceremony at the Makati Shangri-La on Aug. 5.
PNB Capital and Investment Corporation, the bank’s investment banking arm, is among the arrangers of the project.