Singapore-based Levanta Renewables has reached financial close for a 166-megawatt-peak (MWp) solar power project with an 80-megawatt-hour (MWh) Battery Energy Storage System (BESS) in Barotac Viejo, Iloilo, backed by a P6.215-billion co-financing package with Philippine National Bank (PNB).

In a recent disclosure, PNB FSVP and Corporate Banking Group Head Allan Ang said the bank was pleased to support the project as the Philippines works toward a more balanced and sustainable energy mix.

“PNB is proud to support Levanta Renewables in the development of this landmark clean energy project,” Ang said.

He added that PNB remains committed to financing investments that address the country’s growing energy requirements, strengthen energy security and contribute to inclusive economic growth.

Levanta Renewables is an institutionally backed renewable energy platform that develops, builds and operates utility-scale solar, wind and energy storage projects across Southeast Asia.

The company is currently building a gigawatt-scale renewable energy portfolio spanning Thailand, the Philippines, Vietnam and Malaysia.

Actis, a global sustainable infrastructure investor, wholly owns the company and is part of General Atlantic’s global investment platform.

The group has approximately $126 billion in combined assets under management.

The project is targeted to begin commercial operations by the second quarter of 2027. Once operational, it will add renewable energy capacity to the Visayas grid and support the Philippines’ shift toward cleaner power sources.

PNB Capital and Investment Corporation, the bank’s investment banking arm, served as one of the project’s arrangers.

“Achieving financial close is a major milestone for this project,” Levanta Renewables CEO Pramod Singh said. “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.”

Ang also said the partnership is aligned with PNB’s Sustainability Framework, which guides the bank’s efforts to promote responsible and sustainable growth through targeted financing.

The bank has recently expanded its renewable energy portfolio, including a P3-billion project finance facility supporting the development of an 82-MWp solar power project in Gamu, Isabela, as well as P2 billion in credit facilities extended in December last year to finance the acquisition of electric vehicles and support Green GSM.