PNB backs P6.2-billion Iloilo solar project

MANILA, Philippines — Philippine National Bank (PNB) is backing a P6.22-billion co-financing package for Singapore-based Levanta Renewables’ solar and battery storage project in Iloilo, strengthening the lender’s portfolio of sustainable energy investments.

The financing will support the development of a 166-megawatt peak solar power facility paired with an 80-megawatt-hour battery energy storage system in Barotac Viejo.

The project reached financial close on Aug. 5 and is targeted to begin commercial operations by the second quarter of 2027. Once operational, the facility is expected to provide additional renewable energy capacity to the Visayas grid.

“Achieving financial close is a major milestone for this project,” Levanta Renewables CEO 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.”

The financing comes as banks increasingly direct capital toward renewable energy and other projects that meet environmental, social and governance standards amid the country’s push to diversify its power mix.

PNB first senior vice president and corporate banking group head Allan Ang said the project would help address rising energy demand while strengthening the country’s 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.”

Ang said the transaction is also aligned with PNB’s Sustainability Framework, which guides the bank’s financing of projects that promote responsible and sustainable growth.

“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,” he said.

PNB Capital and Investment Corp., the bank’s investment banking arm, is one of the arrangers of the financing package.