PNB bankrolls P3 billion for Isabela solar project

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June 12, 2026 | 12:00am

MANILA, Philippines —  Philippine National Bank (PNB) is extending a P3-billion project finance facility to Linglingay Power Corp. to support the development of a solar power plant in Isabela, marking the lender’s latest push into renewable energy financing.

The 82-megawatt peak (MWp) ground-mounted solar facility will be built in Barangay Linglingay in the municipality of Gamu. It is targeted to start commercial operations by December.

Linglingay Power is a wholly owned subsidiary of Hexa Philippines Holdings Inc., which is expanding its renewable energy portfolio in the country.

Once operational, the solar plant is expected to generate enough electricity to power about 25,000 to 35,000 Filipino households annually. The project is also expected to help meet rising power demand while contributing to lower carbon emissions.

“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 financing comes as banks continue to expand their sustainable finance portfolios, with renewable energy projects increasingly seen as a key area for long-term lending amid the country’s push to diversify its power mix and strengthen energy security.

PNB said its support for the Linglingay project highlights the role of strategic partnerships in fast-tracking the country’s transition to cleaner energy sources.

The Lucio Tan-led bank said the facility would also help support economic activity in local communities.

Angelito Lantin, Hexa director of development and Linglingay Power treasurer, said the agreement reflects months of work among the companies involved in the project.

“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.

Lantin said the project also reflects “a shared confidence in the Linglingay project’s long-term value” and establishes “a solid foundation for the next phase of construction and implementation.”

For Hexa, the Isabela solar plant forms part of a wider renewable energy build-out in the Philippines.

Hexa managing director Christopher Chua said the company is advancing nearly 600 MWp of solar capacity across its operating and in-construction portfolio. It aims to exceed one gigawatt peak of renewable energy capacity in the country.

“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,” Chua said.

“As we pursue our ambition of exceeding one-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,” he said.