Renewable energy developer ib vogt has appointed China Bank Capital Corporation and RCBC Capital Corporation as Lead Arrangers for the project financing of its planned 320 MWp solar-plus-storage project in the Municipality of Barobo, Surigao del Sur, Mindanao.
Under the mandate letter, the two financial institutions will arrange a senior debt facility of up to PHP 12.6 billion (approximately USD 213 million) to support the development. The project will combine up to 320 MWp of solar photovoltaic capacity with a battery energy storage system (BESS), aimed at enhancing grid stability and supporting peak load management in Mindanao.
Once operational, the facility is expected to generate more than 500 GWh of clean electricity annually, enough to supply power to over 480,000 Filipino households. The project is also projected to reduce carbon emissions by more than 200,000 tonnes of CO₂ each year. Construction is scheduled to begin in the fourth quarter of 2026, with commercial operations targeted by the end of 2027.
David Ludwig, CEO APAC at ib vogt, described the development as the company’s most ambitious project in Mindanao to date. He noted that the scale of the financing and the involvement of leading financial institutions reflect strong confidence in both the project and the Philippine renewable energy market, adding that ib vogt is committed to establishing a long-term presence in the country.
China Bank Capital Corporation Managing Director Juan Paolo Colet said the company is pleased to support what will be ib vogt’s largest solar project in the Philippines. He emphasized that the project comes at a critical time as the country accelerates its renewable energy transition to strengthen energy security and support sustainable economic growth.
RCBC Capital Corporation President and CEO Arsenio Kenneth M. Ona highlighted the firm’s continuing partnership with ib vogt, following the recent financing of the developer’s 80 MWac solar and battery energy storage project in Iloilo. He said the new project further demonstrates both organizations’ commitment to advancing renewable energy development in the Philippines.
The Barobo solar-plus-storage project forms part of ib vogt’s development pipeline in the Philippines, which currently exceeds 1,000 MWp of renewable energy capacity.
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