RIZAL Commercial Banking Corp. (RCBC) said it approved a P4.5-billion Omnibus Loan and Security Agreement for a solar-plus-storage development in Iloilo by Singapore-based solar developer ib vogt, as reported by BusinessWorld.
The senior debt facility will fund a hybrid solar-plus-battery energy storage system (BESS) with a 99-megawatt-peak (MWp) solar Photovoltaics (PV) capacity and a 4 MW/16-MWh battery energy storage component. The project is expected to contribute to the country's renewable energy goals and support grid stability in the region.
The loan approval underscores growing bank financing for large-scale renewable energy projects in the Philippines, as the government pushes for a higher share of clean energy in the power mix. RCBC has been active in funding sustainable infrastructure, aligning with its commitment to green financing.