Security Bank Capital Investment Corp. has extended a PHP 2.015-billion financing facility to Singapore-based Alba Renewables for the development of a 65-megawatt-peak (MWp) ground-mounted solar project in San Pablo, Isabela, strengthening private-sector backing for new renewable capacity feeding the Luzon grid, Manila Bulletin reports.

“By supporting Alba Renewables’ Solar Valley project, we are helping accelerate the country’s clean energy transition while backing infrastructure that contributes to energy security, emissions reduction, and resilient growth,” said Virgilio O. Chua, president and chief executive officer of Security Bank Capital.

The bank said the Solar Valley project—about a quarter completed—will deliver power under a fixed 20-year tariff awarded through the Department of Energy’s (DOE) Green Energy Auction (GEA) program once operational, providing long-term price certainty and incremental supply for the country’s largest grid.

The Isabela facility is being developed through a joint venture between Alba Renewables and Soleos Energy Partners Pte. Ltd., following an acquisition by global investment firm Brookfield Asset Management. Industry watchers note the transaction underscores growing lender appetite for contracted renewable assets amid the Philippines’ push to expand clean energy while managing system reliability.

“RE plays a critical role in supporting inclusive and sustainable economic growth. By financing projects like Solar Valley, we help strengthen the country’s energy mix while enabling reliable, cost-competitive power for communities and businesses,” said Yvonne Marcelo, group head of Security Bank’s corporate banking group.

Alba Renewables has been expanding its footprint in Northern Luzon, positioning itself as a multi-technology developer beyond solar. In Ilocos Norte, the company recently secured a lease agreement with the provincial government for a hybrid renewable energy project in Bangui and Burgos towns, covering about 100 hectares of underutilized government land. 

The Ilocos Norte project—expected to be the province’s first hybrid power plant—forms part of Alba’s broader development pipeline, which also includes early-stage work on a 95-MW Southern Luzon solar phase 1 and a 105-MW Southern Luzon solar phase 2. The company is likewise conducting pre-feasibility studies for a 175-MW wind project and a 57.6-megawatt-hour wind–solar–battery hybrid project in Northern Luzon.

Alba Renewables reports a 1.8-gigawatt pipeline of wind, solar, and battery energy storage projects across the region, with active developments in the Philippines, Singapore, and Thailand.

What does this financing signal for bankable RE projects under the GEA—and for grid-ready capacity in Luzon? Share your views and join the discussion. 

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