The Land Bank of the Philippines has approved an $800-million financing package for Archipelago Renewables Corp., a company planning to develop hybrid renewable energy microgrids in Palawan.
The company will build 16 microgrids and a 175-kilometer distribution network capable of supplying electricity to about 7,100 households, over 300 small businesses, and key community facilities within the franchise area of the Palawan Electric Cooperative.
The hybrid systems will combine solar photovoltaic technology, battery energy storage, and diesel to ensure stable and affordable power to over 30,000 residents in the province.
LANDBANK President and CEO Lynette V. Ortiz stated that the project will contribute to strengthening communities, supporting local enterprises, and accelerating inclusive growth in underserved areas.
Archipelago Renewables Corp. is a special-purpose company backed by a consortium consisting of Maharlika Clean Power Holdings Corp., CleanGrid Partners Pte. Ltd., and WEnergy Global Pte. Ltd.
President of Archipelago Renewables Corp. Quintin Jose V. Pastrana highlighted the significance of the partnership, calling it the "largest private-sector venture in off-grid electrification."
WEnergy Global CEO Atem S. Ramsundersingh noted that the partnership demonstrates the potential of development financing to generate both economic and social benefits.
LANDBANK emphasized that the project aligns with efforts to further electrify underserved communities and reduce reliance on fossil fuel-based power generation through the increased use of renewable energy.
The initiative is part of the bank's broader thrust to advance sustainability and climate-resilient development by supporting investment in renewable energy, environmental protection, and inclusive growth.
