German renewables developer ib vogt is close to reaching financial close on a PHP 12.6bn (USD 206m) project finance facility for a solar and battery project in Mindanao, its third development in the region.

Philippines-based China Bank Capital Corporation and RCBC Capital Corporation are providing the 15-year senior debt facility, with debt to comprise 75% of the finance for construction, New Project Media understands.

The loan will be equally split between the two banks, and financial close could come as early as Q3 this year.

ib vogt mandated China Bank and RCBC as lead arrangers for the facility in June.

The loan will fund the developer’s 320 MWp Titan V solar-storage park in Barobo, Surigao del Sur, its third project in the Mindanao region.

The asset is expected to come online by end-2027, with construction slated for Q4 2026.

Once operational, the project is forecast to generate over 500 GWh of clean energy annually, enough to power more than 480,000 households and avoid over 200,000 tonnes of CO2 per year.

In July, ib vogt energised the 99 MWp Tantangan solar power plant in South Cotabato, its second solar project in Mindanao and its fourth Philippine project to have entered commercial operations.

At the time, David Ludwig, chief executive officer of ib vogt APAC, said the company has “more than 500 MW of hybrid capacity [that] we expect to have in operation and construction across the Philippines by the end of 2026.”

He added that ib vogt will “continue to focus on accelerating the rollout of our pipeline across the Philippines and Southeast Asia.”

The latest project financing comes amid reports on the potential sale of the CVC DIF-backed company’s Asian portfolio, which could include assets in the Philippines, Indonesia, and Malaysia.

ib vogt did not respond to a request for comment. China Bank and RCBC declined to comment.