ib vogt has signed the Omnibus Loan and Security Agreement (OLSA) for Project Luca, its 99 MWp solar-plus-storage development in Barangay Luca, Municipality of Ajuy, Province of Iloilo. The PHP 4.5 billion (approximately USD 75 million) senior debt facility is provided by Rizal Commercial Banking Corporation (RCBC) as sole lender, with RCBC Capital Corporation acting as lead arranger.

The project pairs 99 MWp of solar PV capacity with a 4 MW / 16 MWh battery energy storage system (BESS) – ib vogt’s first hybrid solar-plus-BESS development in the Visayas. Early EPC works commenced in early 2026, with commissioning targeted for Q2 2027. Once operational, the plant is expected to generate over 160 GWh of clean electricity annually, sufficient to serve more than 85,000 Filipino households, while avoiding over 70,000 tonnes of CO₂ emissions per year. The integrated BESS will enhance grid stability and improve dispatchability across the Visayas grid.

Financial close confirms the project’s bankability under the Green Energy Auction (GEA) framework and advances the Philippines’ energy transition with a replicable model for hybrid renewable development.

David Ludwig, CEO APAC, ib vogt, said: “This is our first power plant in the Visayas – a market with significant demand fundamentals and strong potential for renewable growth. RCBC’s commitment reflects confidence in the project’s structure and in ib vogt’s track record of delivery in the Philippines. We look forward to bringing it into construction and operation.”

The project forms part of ib vogt’s active development pipeline of over 1,000 MWp across the Philippines, the company’s priority market in Southeast Asia.

RCBC Executive Vice President and Head of Institutional Banking Group Elizabeth Coronel highlighted the importance of this milestone and expressed confidence in ib vogt’s execution and operational capabilities while reinforcing RCBC’s continued commitment to sustainable finance.

Currently the 5th largest privately owned bank in the Philippines, RCBC remains committed to supporting projects that drive sustainable growth while creating long-term value for communities and businesses. The Bank continues to help accelerate the development of cleaner energy sources, reinforcing its role as a trusted financial partner in building a more sustainable and resilient future. 

About ib vogt

ib vogt APAC is headquartered in Singapore and has been active in Asia since 2012. It has established various subsidiaries across Asia-Pacific. The company works together with numerous partners in the region augmenting its in-house team of over 150 staff in APAC.

ib vogt is committed to supporting the decarbonisation of the global electricity sector and, as a leading utility-scale renewable energy development platform with a global footprint, more than a 20-year history, and a 17-year track record in utility-scale PV plants, is building a growing portfolio of wind and Battery Energy Storage Systems (BESS) projects.In these areas, the company performs all integral services of the value chain from development, financing, and EPC, to O&M and asset management.

Headquartered in Berlin, Germany, ib vogt operates across more than 32 countries worldwide, with a development strategy primarily focused on OECD markets and selected high‑growth regions. The company manages a pipeline of around 29 GWp of PV, 9.70 GW of BESS, and 1.90 GW of wind projects, with nearly 574 MWp of PV, 29 MW of BESS, and 69 MW of wind currently under construction, strongly positioning ib vogt’s IPP business model for long-term value creation.

ib vogt employs around 845 people worldwide and works with a broad network of international and local partners.

For more information on ib vogt, visit www.ibvogt.com.
Follow ib vogt APAC on LinkedIn at linkedin.com/company/ib-vogt-apac.

ib vogt (Singapore) Pte Ltd · 111A Telok Ayer · Singapore · Phone: +65 6995 0010

About RCBC

RCBC (Rizal Commercial Banking Corporation) is one of the top banks in the Philippines. Currently ranked as the fifth largest privately owned bank in the country, RCBC offers a full range of financial products and services to individuals and businesses nationwide for 65 years and counting.

Recognized as the Best Bank for Digital and Best Bank for Customer Experience, RCBC continues to drive innovation through customer-focused, technology-driven solutions. The bank is a proud member of the Yuchengco Group of Companies (YGC), one of Southeast Asia’s most established conglomerates. To learn more, visit www.rcbc.com