ib vogt has reached financial close on Project Luca, a 99 MW solar-plus-storage development in the Province of Iloilo in the Western Visayas, securing a PHP 4.5 billion senior debt facility (approximately $75 million) with Rizal Commercial Banking Corporation as sole lender.
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The project pairs 99 MW of solar capacity with a 16 MWh battery storage system, making it ib vogt's first hybrid solar-plus-BESS development in the Visaya province. Early EPC works are underway, with commissioning targeted for the second quarter of 2027. Once operational, the plant is expected to generate more than 160 GWh of clean electricity annually, enough to supply around 85,000 households, and avoiding more than 70,000 tonnes of CO2 per year.
Part of a bigger picture
Financial close was achieved under the Philippines' Green Energy Auction framework, which ib vogt positions as a replicable model for hybrid renewable development in the country. The project forms part of ib vogt's Philippine pipeline, which stands at more than 1,000 MW and represents the company's priority market in Southeast Asia.
"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 APAC at ib vogt. "RCBC's commitment reflects confidence in the project's structure and in ib vogt's track record of delivery in the Philippines."
PV grows up: from generation to integrated energy
RCBC Capital Corporation acted as lead arranger on the transaction. Founded 65 years ago and currently the fifth largest privately owned bank in the Philippines, RCBC has been expanding its sustainable finance portfolio alongside its broader institutional banking activity. ib vogt is based in Berlin and operates across more than 32 countries, with a global pipeline spanning around 29 GW of solar, 9.7 GW of battery storage and 1.9 GW of wind. (TF)
