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Manila Bulletin devider Business devider Trade & Industry devider Security Bank Capital funds ₱2-billion Isabela solar project with Alba Renewables

Security Bank Capital funds ₱2-billion Isabela solar project with Alba Renewables

Published Jan 29, 2026 11:44 am

Security Bank Capital Investment Corp. announced that it has secured a financing facility with Singapore-based Alba Renewables to develop a solar farm in San Pablo, Isabela.

In a statement on Thursday, Jan. 29, Security Bank said it had granted a ₱2.015-billion financing facility for the 65-megawatt-peak (MWp) ground-mounted solar power project in San Pablo, Isabela. According to Alba, about a quarter of the project has already been developed.

Once operational, the project will contribute renewable energy (RE) to the Luzon grid under a fixed 20-year tariff through the Department of Energy’s (DOE) Green Energy Auction (GEA) program.

The project is a joint venture (JV) between Alba Renewables and Soleos Energy Partners Pte. Ltd. The financing follows an acquisition by global investment firm Brookfield Asset Management.

Virgilio O. Chua, president and chief executive officer (CEO) of Security Bank Capital, said the transaction reflects the bank’s support for RE.

“By supporting Alba Renewables’ Solar Valley project, we are helping accelerate the country’s clean energy transition while backing infrastructure that contributes to energy security, emissions reduction, and resilient growth,” he said.

“RE plays a critical role in supporting inclusive and sustainable economic growth... By financing projects like Solar Valley, we help strengthen the country’s energy mix while enabling reliable, cost-competitive power for communities and businesses,” said Yvonne Marcelo, group head of Security Bank’s corporate banking group.

Apart from its Isabela project, Alba is currently developing the early stages of the 95-MW Southern Luzon solar phase 1 and 105-MW Southern Luzon solar phase 2. The company is also conducting pre-feasibility studies for a 175-MW wind project and a 57.6-megawatt-hour (MWh) wind-solar-battery hybrid project in northern Luzon.

Alba Renewables has a 1.8-gigawatt (GW) pipeline of wind, solar, and battery energy storage projects, with operations underway in the Philippines, Singapore, and Thailand.

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