^{In photo (L-R): Ryan Sinaon, Division Head – Corporate Trust & Agency Services of RCBC Trust Corporation, Jose Renee Sarmiento, Sector Head – Corporate Banking of RCBC, Elizabeth Coronel, Group Head – Institution Banking of RCBC, David Ludwig, CEO of ib vogt APAC, Isabelle Melocoton, Director of Apolaki Eight Inc. and ib vogt APAC, Arsenio Kenneth Ona, President & CEO of RCBC Capital Corporation, and Robert Ramos, CEO and President of RCBC Trust Corporation. /Credit: ib vogt APAC}

German renewable energy developer ib vogt APAC has secured PHP 4.525 billion in financing from Rizal Commercial Banking Corp. (RCBC) for its 99-megawatt peak (MWp) solar-plus-storage project in Iloilo, advancing one of the renewable energy developments awarded under the government’s Green Energy Auction (GEA) program.

The Omnibus Loan and Security agreement was signed between RCBC and Apolaki Eight Inc., the project company behind the Luca Solar Power Project and an indirect subsidiary of ib vogt Singapore. RCBC is acting as sole lender, while RCBC Capital Corp. served as lead arranger for the financing facility.

Located in Barangay Luca, Ajuy, Iloilo, the project combines a 60-megawatt alternating current (MWac) solar facility awarded under the second round of GEA with a 20-MWac solar plant and battery energy storage system (BESS) awarded under GEA-4.

The development will deliver approximately 99 MWp of solar capacity alongside a 4-MW/16-MWh battery energy storage system.

“This is our first power plant in the Visayas – a market with significant demand fundamentals and strong potential for renewable growth,” said David Ludwig, CEO of ib vogt APAC. “RCBC’s commitment reflects confidence in the project’s structure and in ib vogt’s track record of delivery in the Philippines. We look forward to bringing it into construction and operation.”

Project commissioning is targeted by the second quarter of 2027.

Once operational, the facility is expected to generate more than 160 gigawatt-hours (GWh) of electricity annually, enough to supply over 85,000 households. 

The project is also expected to avoid more than 70,000 tonnes of carbon dioxide emissions each year while improving renewable energy dispatchability and grid stability in the Visayas through its integrated battery storage system.

The Energy Regulatory Commission (ERC) has already set a June 22 hearing on Apolaki Eight’s application to develop and operate dedicated transmission facilities that will connect the 99.017-MWp/80-MWac Luca Solar Power Project to the National Grid Corp. of the Philippines’ 138-kilovolt Barotac Viejo Substation.  

The Luca project forms part of ib vogt’s Philippine development pipeline of more than 1,000 MWp, underscoring the country’s role as the company’s priority market in Southeast Asia.

For RCBC, the transaction adds to its sustainable finance portfolio as lenders continue to support renewable energy projects awarded under the government’s Green Energy Auction Program.

What are your thoughts on the growing role of project-financed solar-plus-storage developments in strengthening energy security and renewable integration in the Visayas?

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