ib vogt has signed the Omnibus Loan and Security Agreement (OLSA) for Project Luca, its 99 MWp solar-plus-storage development in Barangay Luca, Municipality of Ajuy, Province of Iloilo, the Philippines.

The PHP 4.5 billion (approx. US$75 million) senior debt facility is provided by Rizal Commercial Banking Corp. (RCBC) as sole lender, with RCBC Capital Corp. acting as lead arranger.

The project pairs 99 MWp of solar photovoltaics (PV) capacity with a 4 MW/16 MWh battery energy storage system (BESS) – ib vogt’s first hybrid solar-plus-BESS development in the Visayas. Early EPC works commenced in early 2026, with commissioning targeted for 2Q27. Once operational, the plant is expected to generate over 160 GWh of clean electricity annually, sufficient to serve more than 85 000 Filipino households, while avoiding over 70 000 tpy of CO

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emissions. The integrated BESS will enhance grid stability and improve dispatchability across the Visayas grid.

Financial close confirms the project’s bankability under the Green Energy Auction (GEA) framework and advances the Philippines’ energy transition with a replicable model for hybrid renewable development.

David Ludwig, CEO APAC, ib vogt, commented: “This is our first power plant in the Visayas – a market with significant demand fundamentals and strong potential for renewable growth. RCBC’s commitment reflects confidence in the project’s structure and in ib vogt’s track record of delivery in the Philippines. We look forward to bringing it into construction and operation.”

The project forms part of ib vogt’s active development pipeline of over 1000 MWp across the Philippines, the company’s priority market in Southeast Asia. RCBC Executive Vice President and Head of Institutional Banking Group, Elizabeth Coronel, highlighted the importance of this milestone and expressed confidence in ib vogt’s execution and operational capabilities while reinforcing RCBC’s continued commitment to sustainable finance.

Currently the 5

th

largest privately-owned bank in the Philippines, RCBC remains committed to supporting projects that drive sustainable growth while creating long-term value for communities and businesses. The Bank continues to help accelerate the development of cleaner energy sources, reinforcing its role as a trusted financial partner in building a more sustainable and resilient future.