PNB powers Levanta solar project with P6.2-B fund
Philippine National Bank (PNB) is backing a solar power and battery storage project in Iloilo with a P6.215-billion co-financing package, supporting the continued buildout of renewable energy capacity in the Visayas.
Singapore-based Levanta Renewables has reached financial close for its 166-megawatt-peak (MWp) solar power project with an 80-megawatt-hour Battery Energy Storage System (BESS) in Barotac Viejo, Iloilo.
The project is targeted to begin commercial operations by the second quarter of 2027.
Once operational, the facility and BESS will add renewable energy capacity to the Visayas grid and support the country’s transition to cleaner power sources.
“Achieving financial close is a major milestone for this project,” Levanta CEO Pramod Singh said.
Singh said PNB’s support will help the company deliver cleaner and more reliable energy in the Philippines.
PNB first senior vice president and corporate banking group head Allan Ang, meanwhile, said the financing was in line with the lender’s push to support investments that address growing energy requirements and strengthen energy security.
“As the country moves toward a more balanced and sustainable energy mix, we remain committed to supporting investments that help address growing energy needs, strengthen energy security and drive inclusive economic growth,” Ang said.
The transaction also supports PNB’s sustainability framework, which guides the bank’s financing for responsible and sustainable growth.
PNB Capital and Investment Corp., the bank’s investment banking arm, is one of the arrangers of the project.
Levanta is building a gigawatt-scale renewable energy portfolio across Thailand, the Philippines, Vietnam and Malaysia.
The Singapore-headquartered renewable energy platform develops, builds and operates utility-scale solar, wind and energy storage projects.
Levanta is wholly owned by sustainable infrastructure investor Actis, which is part of General Atlantic’s global investment platform.
