Renewable energy developer ib vogt has signed an Omnibus Loan and Security Agreement (OLSA) for its 99 MWp solar-plus-storage project, Project Luca, located in Barangay Luca, Ajuy, Iloilo Province.
The PHP 4.5 billion (approximately USD 75 million) senior debt facility has been provided by Rizal Commercial Banking Corporation, with RCBC Capital Corporation acting as the lead arranger for the financing.
Project Luca combines 99 MWp of solar photovoltaic capacity with a 4 MW / 16 MWh battery energy storage system (BESS), marking ib vogt’s first hybrid solar-plus-storage development in the Visayas region. Early engineering, procurement, and construction (EPC) activities began in early 2026, with commissioning targeted for the second quarter of 2027.
Once operational, the project is expected to generate more than 160 GWh of clean electricity annually, enough to power over 85,000 households, while avoiding approximately 70,000 tonnes of CO₂ emissions per year. The integrated battery storage system will enhance grid stability and improve dispatchability across the Visayas grid.
Financial close of the project confirms its bankability under the Philippines’ Green Energy Auction (GEA) framework and strengthens the country’s transition toward hybrid renewable energy systems combining solar and storage technologies.
According to David Ludwig, CEO APAC at ib vogt, the Visayas project marks an important milestone in the company’s expansion in the Philippines, highlighting strong market fundamentals and confidence in the project structure and execution capabilities.
The project forms part of ib vogt’s broader development pipeline of more than 1,000 MWp across the Philippines, which remains a key growth market for the company in Southeast Asia.
RCBC noted that its participation reflects continued support for sustainable finance initiatives aimed at accelerating clean energy deployment and strengthening long-term energy resilience in the country.
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