What Happened

Philippine National Bank (PNB) approved a P3-billion project finance facility for Linglingay Power Corp. (LPC), a subsidiary of Hexa Philippines Holdings, Inc., to develop an 82-MWp solar power plant in Isabela. The project is part of the Department of Energy’s Green Energy Auction Program Round 2 and is expected to begin commercial operations by December 2024.

Who Is Affected

The funding directly impacts Linglingay Power Corp. and Hexa Philippines Holdings, Inc., enabling them to accelerate their renewable energy projects. Additionally, the Department of Energy and Filipino households in Isabela will benefit from increased clean energy capacity.

Market Impact

• Boosts renewable energy development in the Philippines.
• Supports the government’s goal of reducing carbon emissions.
• Creates opportunities for companies in the solar energy supply chain.

What to Watch

Monitor the progress of the Isabela solar plant as it nears its December 2024 commercial operation target. Additionally, watch for further investments by Hexa Philippines Holdings, Inc., as they aim to exceed 1 GWp of renewable energy capacity in the Philippines.