Singapore-based Levanta Renewables has reached financial close for a 166 MWp solar power project with an 80 MWh battery energy storage system (BESS) in Barotac Viejo, Iloilo, Philippines, supported by a PHP6.215 billion co-financing package with Philippine National Bank (PNB).
PNB Capital and Investment Corporation, the bank’s investment banking arm, served as one of the project arrangers. PNB said the financing supports the Philippines’ efforts to strengthen energy security and develop a more sustainable energy mix.
Levanta Renewables is developing a utility-scale renewable energy portfolio across Southeast Asia, including projects in the Philippines, Thailand, Vietnam and Malaysia. The company is wholly owned by Actis, a sustainable infrastructure investor within General Atlantic’s global investment platform.
The Iloilo project is targeted to begin commercial operations by Q2 2027. Once operational, it is expected to add renewable generation capacity to the Visayas grid and support the Philippines’ transition toward cleaner power. The financing is part of PNB’s broader renewable energy lending activities. The bank recently provided a PHP3 billion project finance facility for an 82-MWp solar project in Gamu, Isabela.