Philippine National Bank (PNB), controlled by the family of ultra bilyonaryo Lucio Tan, has extended a P6.215 billion co-financing package to Singapore-based Levanta Renewables for a solar and battery energy storage project in Iloilo.
PNB and Levanta reached financial close on Aug. 5 for the 166-megawatt peak solar project paired with an 80-megawatt-hour battery energy storage system in Barotac Viejo.
The project is targeted to begin commercial operations in the second half of 2027 and is expected to add renewable energy capacity to the Visayas grid.
“PNB is proud to support Levanta Renewables in the development of this landmark clean energy project,” Allan Ang, head of PNB’s Corporate Banking Group, said in a statement.
“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.
He said the financing was aligned with PNB’s Sustainability Framework, which guides the bank’s investments aimed at supporting sustainable growth.
“By supporting renewable energy projects such as this, PNB is helping enable the country’s transition toward cleaner energy sources while advancing our commitment to environmental stewardship and sustainable development,” Ang said.
Levanta Renewables CEO Pramod Singh said reaching financial close was a major milestone for the project.
“We value PNB’s support and confidence in our vision. With strong partners behind us, we are well-positioned to deliver cleaner and more reliable energy for the Philippines,” Singh said.
PNB Capital and Investment Corp., the lender’s investment banking arm, is one of the arrangers for the project.
