PH Seeks Global Funds for Two Key Solar Projects

The Philippines is promoting two major solar energy projects—the 49.9-megawatt Libmanan Solar Project and the 76.65-megawatt Isabel Solar Project—for global financing at the Fourth International Conference on Financing for Development (FFD4) in Seville, Spain.

Led by the Board of Investments (BOI), the initiative aims to draw international investors to back the country’s clean energy expansion while advancing climate targets.

“These projects were selected for their bankability and alignment with climate goals and investor expectations,” said BOI Executive Director Eries Cagatan.

The Libmanan Solar Project, located in Camarines Sur, is developed by Zenith Renewable Energy Corp. (ZREC) and valued at USD 33 million.

ZREC is currently seeking USD 28 million in equity investment for an 85% ownership share in the project.

According to the BOI, the Libmanan plant will be built on a 53-hectare site with strong solar irradiance and easy access to a 69-kilovolt transmission line.

It is projected to begin commercial operations in the first quarter of 2027 and produce over 102,000 megawatt-hours annually.

ZREC currently manages 585 MW-peak of solar capacity in pre-development across three Philippine locations, signaling its growing presence in the renewables sector.

In addition to spotlighting the projects, the BOI is participating in a roundtable at FFD4 titled “Investing in Energy Transition,” organized with the SDG Investment Fair.

A separate side event will explore how ASEAN investment promotion agencies can support the region’s green shift.

BOI Executive Director Corazon Dichosa emphasized the government’s commitment to green finance partnerships.

“The Philippines is actively engaging with impact-driven partners to position itself as a leading destination for sustainable and inclusive investments,” Dichosa said.

She highlighted that renewable energy investors are eligible for fiscal and non-fiscal incentives under Republic Act No. 9513, or the Renewable Energy Act of 2008.

FFD4, organized under the United Nations, seeks to establish a renewed global framework for sustainable development financing.