PNB grants P3-B project finance facility for Isabela solar project

PHILIPPINE National Bank (PNB) has approved a P3-billion project finance facility for an 82-megawatt-peak (MWp) ground-mounted solar power plant in Isabela, it said on Thursday.

The facility was awarded to Linglingay Power Corp. (LPC), a wholly owned subsidiary of Hexa Philippines Holdings, Inc.

The project forms part of the Department of Energy’s Green Energy Auction Program Round 2, an initiative that aims to accelerate renewable energy development through a competitive capacity auction system.

It seeks to address increasing energy demand while reducing carbon emissions.

The plant is targeted to begin commercial operations by December this year and is expected to generate enough electricity to power approximately 25,000 to 35,000 Filipino households annually.

“This partnership reflects PNB’s vision of powering a cleaner, more sustainable future, where investments in renewable energy drive progress, strengthen communities, and create lasting value for the next generation of Filipinos,” PNB President and Chief Executive Officer Edwin R. Bautista said in a statement.

“This achievement marks another important milestone as Hexa Philippines advances nearly 600 MWp of solar capacity across its operating and in-construction portfolio. We are grateful to PNB for its partnership and shared confidence in this project. As we pursue our ambition of exceeding 1 gigawatt-peak of renewable energy capacity in the Philippines, we remain committed to delivering reliable, sustainable power that supports the country’s clean energy transition and empowers Filipino communities for generations to come,” Hexa Philippines Managing Director Christopher Chua said.

PNB’s net income increased by 5% to P6.37 billion in the first quarter.

Its shares went down by 25 centavos or 0.44% to end at P56 apiece on Thursday. — A.M.C. Sy