en.Wedoany.com Reported - ib vogt has achieved financial close for its 99 MWp solar photovoltaic plus energy storage project in the Visayas region of the Philippines. The PHP 4.5 billion (approximately $75 million) senior debt facility is provided by Rizal Commercial Banking Corp. (RCBC) as the sole lender, with RCBC Capital Corp. acting as the lead arranger.
The project combines 99 MWp of solar photovoltaic capacity with a 4 MW/16 MWh battery energy storage system, marking ib vogt's first solar-plus-storage hybrid development in the Visayas. Early EPC works commenced in early 2026, with targeted commercial operation in the second quarter of 2027. Once operational, the plant is expected to generate over 160 GWh of clean electricity annually, sufficient to power more than 85,000 Filipino households, while avoiding over 70,000 tonnes of CO2 emissions per year. The integrated battery storage system will enhance grid stability and dispatch flexibility in the Visayas region.
The financial close confirms the project's bankability under the Green Energy Auction framework and advances the Philippines' energy transition through a replicable hybrid renewable energy development model.
David Ludwig, CEO of ib vogt Asia Pacific, stated that this is the company's first power plant in the Visayas, a region with a large demand base and strong potential for renewable energy growth. RCBC's commitment reflects confidence in the project structure and ib vogt's delivery track record in the Philippines.
This project is part of ib vogt's active development pipeline in the Philippines, which exceeds 1,000 MWp, making the country a key market for the company in Southeast Asia. Elizabeth Coronel, Executive Vice President and Head of the Institutional Banking Group at RCBC, emphasized the significance of this milestone and expressed confidence in ib vogt's execution and operational capabilities, while reaffirming RCBC's ongoing commitment to sustainable finance.
RCBC, currently the fifth largest private bank in the Philippines, is dedicated to supporting projects that drive sustainable growth while creating long-term value for communities and businesses. The bank continues to accelerate clean energy development, reinforcing its role as a trusted financial partner in building a more sustainable and resilient future.
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