ib vogt closes financing for 99 MWp Philippine hybrid solar project

Expected to generate over 160 GWh annually.

ib vogt has signed an Omnibus Loan and Security Agreement (OLSA) for its 99 MWp Project Luca in Barangay Luca, Ajuy, Iloilo, securing a $75m (₱4.5b) senior debt facility from Rizal Commercial Banking Corporation (RCBC), with RCBC Capital Corporation as lead arranger.

Project Luca is a solar-plus-storage hybrid consisting of 99 MWp solar PV and a 4 MW / 16 MWh battery energy storage system (BESS)—ib vogt’s first such project in the Visayas.

Construction began with early EPC works in early 2026, with completion targeted for Q2 2027.

Once operational, the plant is expected to generate over 160 GWh annually, powering more than 85,000 households and reducing around 70,000 tonnes of CO₂ emissions per year.

The BESS component will improve grid stability and dispatchability across the Visayas grid.

Financial close confirms the project’s bankability under the Philippines’ Green Energy Auction (GEA) framework and supports expansion of hybrid renewable energy development in the country.

ib vogt said the project strengthens its pipeline of over 1,000 MWp in the Philippines, whilsr RCBC said the deal reflects continued confidence in sustainable infrastructure and renewable energy financing.

“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 APAC, ib vog. “RCBC’s commitment reflects confidence in the project’s structure and in ib vogt’s track record of delivery in the Philippines.”