PNB backs P6.2-billion Iloilo solar project

Philippine National Bank (PNB) has entered into a P6.22-billion co-financing agreement for a solar and battery storage project in Iloilo, spearheaded by Singapore-based Levanta Renewables. The financing package bolsters the lender's sustainable energy investment portfolio and supports the construction of a 166-megawatt peak solar power plant and an 80-megawatt-hour battery energy storage system in Barotac Viejo.

The project concluded financing on August 5 and is slated to commence commercial operations in the second quarter of 2027. Upon completion, the facility is expected to bolster renewable energy capacity on the Visayas grid. Levanta Renewables CEO Pramod Singh expressed gratitude for PNB's support, stating that the partnership strengthens the project's prospects for delivering cleaner and more reliable energy for the Philippines.

As banks globally allocate more capital towards renewable energy initiatives that align with environmental, social, and governance standards, PNB's involvement highlights the country's commitment to diversifying its power mix. PNB's senior vice president and corporate banking group head, Allan Ang, emphasized the project's role in addressing rising energy demand, enhancing energy security, and driving inclusive economic growth.

The financing aligns with PNB's Sustainability Framework, which guides the bank's financing of projects that foster responsible and sustainable growth. PNB Capital and Investment Corp., the bank's investment banking arm, is among the arrangers of the financing package.