Philippine National Bank (PNB) has approved a P3-billion project finance facility for the construction of an 82-megawatt-peak (MWp) solar power plant in Isabela province awarded under the government’s Green Energy Auction Program.
The financing was extended to Linglingay Power Corp., a wholly owned subsidiary of Hexa Philippines Holdings, Inc., for a ground-mounted solar power plant scheduled to begin commercial operations by December.
The project was awarded under the Department of Energy’s Green Energy Auction Program Round 2, which seeks to accelerate renewable energy investments through competitive bidding.
Once operational, the facility is expected to generate enough electricity to supply around 25,000 to 35,000 Filipino households annually while helping reduce carbon emissions.
“This partnership reflects PNB’s vision of powering a cleaner, more sustainable future,” PNB President and Chief Executive Officer Edwin R. Bautista said in a statement.
Hexa Philippines Managing Director Christopher Chua said the financing marks another milestone for the company’s expansion plans.
Chua said Hexa is advancing nearly 600 MWp of solar capacity across its operating and under-construction portfolio and aims to exceed 1 gigawatt-peak (GWp) of installed capacity in the Philippines.
The financing underscores the growing role of domestic banks in supporting the country’s energy transition as developers seek capital to build renewable energy projects awarded under government programmes.
The project adds to a growing pipeline of utility-scale solar developments under the Green Energy Auction Program, as the Philippines seeks to attract private investment to meet rising electricity demand and expand its renewable energy capacity.