Pacific Impact Development raised PHP 1.8bn (USD 30m) in project finance in early July for its 50 MW Capantolan solar farm in the Philippines, a spokesperson said.

“This project represents an important milestone for Pacific Impact as we continue to develop our renewable energy portfolio in the Philippines,” she said in an email.

“The company is actively progressing a pipeline of utility-scale renewable energy projects and is continuing to engage with prospective equity partners to support future developments.”

She declined to comment on the full project cost, nor the amount of equity invested.

The project is funded through equity from Gresham House funds and debt financing was arranged by Philippine National Bank (PNB).

PNB Capital acted as mandated lead arranger, while PNB Trust Banking Group was facility agent and security trustee.

The solar project was awarded a subsidy by the Philippines Department of Energy’s green energy auction program round 4 (GEA-4), securing a long-term contracted offtake for electricity sales to the national grid.

Construction is underway, with EPC contractor CEEC (ZEDPI) fully mobilised on site, equipment delivered, and civil works in progress. Commercial operations are targeted for December 2026.

The project is expected to generate 79 GWh of electricity annually.