THE Philippine National Bank (PNB) has approved a P3-billion loan to support the development of an 82-megawatt-peak (MWp) solar power project in Isabela.
The financing agreement — signed with Linglingay Power Corp. (LPC), a wholly owned subsidiary of Hexa Philippines Holdings Inc. (HEXA) — will fund the construction of a ground-mounted solar power plant in Barangay Linglingay, Gamu, Isabela.
It is part of the Department of Energy’s Green Energy Auction Program Round 2 that would accelerate renewable energy (RE) investments through a competitive auction system.
Once completed, the solar facility will start operations by December and generate electricity for 25,000 to 35,000 Filipino households annually, the PNB said.
“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 CEO Edwin Bautista said.
The project will also help reduce carbon emissions and strengthen energy security in Northern Luzon by adding new sources of clean power to the grid.
Angelito Lantin, HEXA director of development and LPC treasurer, said the agreement represented the culmination of months of coordination among the various parties involved in the transaction.
“Transactions of this scale and complexity are never accomplished by one organization alone. They are made possible through the shared efforts, trust and commitment of various teams working toward a common goal,” Lantin said.
HEXA Managing Director Christopher Chua said the company aims to exceed 1 gigawatt-peak of RE capacity and remains committed to delivering reliable and sustainable power to Filipino consumers.
“This achievement marks another important milestone as Hexa Philippines advances nearly 600 MWp of solar capacity across its operating and in-construction portfolio,” he said.
The latest project is expected to further strengthen HEXA’s position in the country’s RE industry, which has attracted investments amid government efforts to raise the share of renewables in the national energy mix.
