ib vogt, a solar and energy storage project developer, secured PHP 4.49 billion (~$80 million) in green project financing from HSBC for the development of the 99 MWp Tantangan solar project, located in South Cotabato, Philippines.
Construction on the project commenced in the first quarter of 2025, with commercial operation scheduled for the second quarter of 2026. This project is reportedly the company’s second solar project in Mindanao.
Once commissioned, the project is expected to generate over 150 GWh of clean electricity annually.
This project is part of ib vogt’s expanding development pipeline in the Philippines, with over 1 GWp in active development across the country. Globally, the company has over 4.7 GW of solar projects under construction or in operation, with a pipeline of over 51 GWp, including 10 GW in Asia.
David Ludwig, CEO of ib vogt APAC, stated, “This project is especially meaningful to us, as it is our second power plant in Mindanao supporting the local community and the regional economy. We are very happy about our partnership with HSBC to jointly enable this project and make this contribution to the energy transition in the Philippines.”
Last week, the company also announced the sale of the 110 MWp Pato solar project located in Segovia, Spain, to NextPower V ESG, a private solar infrastructure strategy managed by NextEnergy Capital.
Also in April, the company secured €60 million (~$65.1 million) in project funding to build and operate a 95.18 MWp solar project in Spain. The company will use the funds for the construction, operation, and maintenance of the solar project, which will be located in the Segovia province of the Castile and Leon region in Spain.
According to Mercom’s Q1 2025 Solar Funding and M&A report, announced large-scale project funding increased by 27% in Q1 2025 compared to Q1 2024.
