German renewable energy developer ib vogt has secured a P4.5-billion senior debt facility from Rizal Commercial Banking Corporation (RCBC) to finance a 99-megawatt peak (MWp) solar power project with battery storage in Iloilo, marking a key milestone in the company’s expansion in the Philippines.
The financing, formalized through an Omnibus Loan and Security Agreement (OLSA), will support Project Luca, a solar-plus-storage facility located in Barangay Luca, Ajuy, Iloilo. RCBC is serving as sole lender, while RCBC Capital Corp. acted as lead arranger for the transaction.
The project combines 99 MWp of solar photovoltaic capacity with a 4-megawatt/16-megawatt-hour battery energy storage system (BESS), making it ib vogt’s first hybrid solar-and-storage development in the Visayas.
The financial close underscores growing investor confidence in hybrid renewable energy projects as the Philippines accelerates its transition toward cleaner power sources while addressing grid reliability concerns.
Construction activities began earlier this year, with commercial operations targeted by the second quarter of 2027.
Once completed, the facility is expected to generate more than 160 gigawatt-hours of renewable electricity annually—enough to supply the needs of over 85,000 households. The project is also projected to prevent more than 70,000 metric tons of carbon dioxide emissions each year.
Beyond clean energy generation, the battery storage component is expected to improve grid stability and enhance the dispatchability of renewable power across the Visayas grid, a growing priority as more intermittent renewable energy sources come online.
“This is our first power plant in the Visayas—a market with significant demand fundamentals and strong potential for renewable growth,” said David Ludwig, chief executive officer for Asia-Pacific at ib vogt.
The Iloilo project forms part of ib vogt’s Philippine development pipeline exceeding 1,000 MWp, highlighting the country’s growing importance within the company’s Southeast Asian portfolio.
The transaction reinforces RCBC’s commitment to sustainable finance and supporting investments that advance the country’s clean energy transition while creating long-term economic and environmental value.
