Philippine National Bank (PNB) is supporting a 6.22 billion peso co-financing package for a major clean energy project in Barotac Viejo, Iloilo, Philippines. Developed by Singapore-based Levanta Renewables, the project combines a 166-megawatt peak solar power plant with an 80-megawatt-hour battery energy storage system (BESS).
The project achieved financial close on August 5, 2026, marking an important step toward construction and eventual power generation. Commercial operations are scheduled to begin in the second quarter of 2027. Once completed, the facility will supply renewable electricity directly to the Visayas grid.
The project is expected to contribute to the region’s energy security by adding new renewable generation capacity and supporting the growing demand for electricity. The integration of battery storage will also provide greater flexibility in managing solar power and help improve the reliability of electricity supply.
PNB Capital and Investment Corp., the investment banking arm of Philippine National Bank, acted as one of the key arrangers for the financing package. The bank’s involvement reflects the increasing role of financial institutions in supporting renewable energy development across the Philippines.
PNB executives said that financing the project is consistent with the bank’s Sustainability Framework. The framework is designed to encourage investments that support environmental protection, sustainable economic development and the country’s transition toward cleaner energy sources.
The partnership also highlights the growing importance of battery storage in renewable energy projects. Solar generation varies depending on weather and daylight conditions, while energy storage can help manage this variability by storing electricity and making it available when needed.
Levanta Renewables Chief Executive Officer Pramod Singh welcomed the financing milestone and thanked PNB for its support. He said that securing the funding represents a significant step toward delivering clean and reliable electricity to the region.
The Barotac Viejo project comes at a time when the Philippines is seeking to diversify its energy mix and increase the contribution of renewable sources. Solar power is expected to play an important role in this transition, supported by investments in grid infrastructure and energy storage.
With 166 MWp of solar capacity and an 80 MWh battery system, the project will combine renewable generation with storage technology to support the Visayas power system. Its planned commissioning in 2027 is expected to strengthen the region’s renewable energy capacity while contributing to the Philippines’ broader clean energy goals.
The financing agreement also demonstrates how local banks and investment institutions are increasingly directing capital toward sustainable infrastructure, supporting the country’s efforts to build a more resilient and cleaner electricity sector.
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