ib vogt has successfully closed a US$75m financing deal for its 99 MWp solar-plus-storage project in Barangay Luca, Iloilo, Philippines. The financing, secured through an Omnibus Loan and Security Agreement, is provided by Rizal Commercial Banking Corporation (RCBC), with RCBC Capital Corporation as the lead arranger.
The project, ib vogt’s first hybrid solar-plus-BESS development in the Visayas, combines 99 MWp of solar photovoltaic capacity with a 4 MW/16 MWh battery energy storage system. Construction began in early 2026, with commissioning expected by Q2 2027. Once operational, the plant will generate over 160 GWh of clean electricity annually, enough to power more than 85,000 households and reduce CO₂ emissions by over 70,000 tonnes per year. The integrated BESS will enhance grid stability and improve energy dispatchability across the Visayas grid.
David Ludwig, CEO of ib vogt APAC, stated, “This is our first power plant in the Visayas—a market with significant demand fundamentals and strong potential for renewable growth.” He highlighted RCBC’s confidence in the project’s structure and ib vogt’s track record in the Philippines.
RCBC Executive Vice President Elizabeth Coronel emphasised the bank’s commitment to sustainable finance, noting the project’s role in advancing the Philippines’ energy transition. As the fifth largest privately owned bank in the Philippines, RCBC continues to support projects that drive sustainable growth and create long-term value.
ib vogt, headquartered in Singapore, has been active in Asia since 2012 and is committed to supporting the decarbonisation of the global electricity sector. The company manages a pipeline of around 29 GWp of photovoltaic projects, 970 MW of BESS, and 190 MW of wind projects worldwide.
