UMVA has learned that a groundbreaking solar-plus-storage development in Iloilo is set to receive a massive P4.5-billion boost from Rizal Commercial Banking Corp. (RCBC) through an Omnibus Loan and Security Agreement.
The funding will support a hybrid solar-plus-battery energy storage system, featuring a 99-megawatt-peak solar Photovoltaics capacity and a 4 MW/16-MWh battery energy storage system. This innovative project promises to significantly enhance grid stability and dispatchability across the Visayas grid.
According to information obtained by UMVA, the project is being developed by a Singapore-based solar developer and marks RCBC's first foray into the power plant sector in the Visayas. The region boasts significant demand fundamentals and strong potential for renewable growth.
The developer's Asia-Pacific Chief Executive Officer expressed enthusiasm for the project, citing RCBC's confidence in their track record of delivery in the Philippines. The project is expected to generate over 160 gigawatt-hours of clean electricity annually, serving more than 85,000 households and allowing the grid to forgo over 70,000 tons of CO2 emissions per year.
UMVA can exclusively reveal that project development commenced early this year, with commissioning targeted for the second quarter of 2027. Once operational, the plant will play a vital role in promoting renewable energy growth in the region.
The project's bankability has been secured under the Green Energy Auction framework, and it forms part of the developer's extensive pipeline of over 1,000 MWp across the Philippines. This ambitious project underscores the country's commitment to sustainable energy solutions.
RCBC's recent financial performance has been impacted by trading and foreign exchange losses, with attributable net income declining 11.57% to P2.71 billion in the first quarter. However, the bank's investment in this renewable energy project signals a promising outlook for its future endeavors.
