Top 10 Standby Letter of Credit Issuances in 2026
Find The Right Lender Faster. Access 12,000+ Lenders.
AI Lender Match helps business owners, investors, and sponsors identify lenders that fit their deal profile without wasting weeks on cold outreach. Get a smarter starting point for acquisitions, commercial real estate, trade finance, and structured debt transactions.
Top 10 Standby Letter of Credit Issuances in 2026
Standby letters of credit are doing several jobs across renewable energy projects and trade finance in 2026. They are backing sponsor equity, securing performance obligations and supporting the purchase of energy or equipment. The structure changes with the beneficiary and the risk that must be covered.
This list reviews ten publicly disclosed transactions through August 3, 2026. It includes completed issuances, signed facilities and credit-approved arrangements where the public record specifically identifies an SBLC component. Private transactions are not visible, so this is an editorial review rather than a complete global issuance league table.
The ranking weighs the quality of the public disclosure, transaction scale, renewable energy relevance and usefulness as a real-world structuring example. It does not rank issuers by credit quality or suggest that every announced facility has been fully drawn.
Hire Financely to Structure and Place Your SBLC
Complete the RFQ to engage Financely as your advisory and placement agent. Qualified applicants receive mandate terms and retainer instructions. Work starts after the engagement is signed and the retainer is paid.
The retainer covers transaction underwriting, file preparation, collateral-gap analysis, wording coordination, issuer outreach and process management. Placement is best-efforts and remains subject to issuer approval.
Read the amount label before comparing transactions. An SBLC face amount is not the same as an aggregate financing package, omnibus ceiling or total project investment. The table and profiles identify which number was disclosed. Where the standby allocation was not published, it is marked as undisclosed.
Indicative currency conversion. Philippine peso figures use approximately PHP61.7 per US dollar based on late-July 2026 USD/PHP market data. USD equivalents are rounded and provided only to indicate scale.
Top 10 SBLC Transactions at a Glance
| Rank | Applicant or project | Sector | SBLC amount | Other disclosed figure | Status |
|---|---|---|---|---|---|
| 1 | Prime Infra pumped storage portfolio | Renewable energy storage | PHP58.6 billion, approximately US$950 million | PHP273.47 billion total financing, approximately US$4.43 billion | Signed equity SBLC facility |
| 2 | Puget Sound Energy and TD Bank | Energy trading | $8 million issued under the TD agreement at March 31, 2026 | $300 million TD capacity; separate standbys of $60 million, $11.9 million and $13.4 million | Issued and outstanding energy-related standbys |
| 3 | VEH Green Energy hybrid project | Wind and solar | Not publicly disclosed | $174 million aggregate package | SBLC included in completed financing |
| 4 | Clean Max Tasman wind project | Wind power | Not publicly disclosed | $124.629 million aggregate borrowing | SBLC included in completed financing |
| 5 | Manzanillo Gas & Power | Energy infrastructure | $116 million | More than $1.7 billion project investment | Closed SBLC facility |
| 6 | Pertamina Geothermal Energy | Geothermal energy | Not separately disclosed | $75 million omnibus ceiling | Signed facility includes SBLC capacity |
| 7 | OCI Holdings and OTSM | Solar supply chain | Not publicly disclosed | $435 million project investment | SBLC included in support agreement |
| 8 | San Miguel Global Power | Floating solar and hydropower | Not publicly disclosed | 1 GW supported project capacity | Issued performance SBLCs |
| 9 | SN Aboitiz Power Magat | Floating solar | Not publicly disclosed | 50 MW supported project capacity | Issued performance SBLC |
| 10 | GreenPower Motor Company | Clean transportation trade | Up to $2.95 million in signed credit agreement terms | $10 million broader financing announced | SBLC facilities remained subject to closing conditions |
2026 is still in progress. This review is current through August 3, 2026. Later closings, amendments or company filings may change the available amount and status of an entry.
The Top 10 Standby Letter of Credit Issuances and Facilities
Prime Infra Pumped Storage Portfolio
PHP58.6B, about US$950M MUFG, Mizuho and SMBCSBLC amount: PHP58.6 billion, approximately US$950 million.
Prime Infra signed a PHP58.6 billion dual-currency equity standby letter of credit facility with MUFG Bank, Mizuho Bank and Sumitomo Mitsui Banking Corporation. It complements PHP214.87 billion of local project financing, approximately US$3.48 billion. The combined PHP273.47 billion package is approximately US$4.43 billion.
The support covers a 2 GW pumped storage portfolio in the Philippines. It includes the 1,400 MW Pakil project and 600 MW Wawa project. Both are scheduled for delivery by 2030.
Why it ranks first: The Prime Infra transaction announcement separately identifies the equity SBLC amount, the issuing banks and the projects it supports.
Puget Sound Energy Trading Support
$300M capacity $8M issued at March 31SBLC amount:$8 million was issued under the TD agreement at March 31, 2026. The agreement allowed up to $300 million of postings. PSE also maintained separate standbys of $60 million, $11.9 million and $13.4 million.
Puget Sound Energy maintained a TD Bank standby arrangement with capacity of up to $300 million. The facility supports transactions on the ICE NGX platform and participation in Washington carbon allowance auctions.
Only $8 million was reported as issued under that agreement on March 31, 2026. PSE also reported $60 million and $11.9 million standbys for purchased power contracts. A further $13.4 million standby supported a funding participant contract.
Why it matters: The PSE quarterly SEC filing provides a rare view of capacity, actual issuance and separate energy contract exposures.
VEH Green Energy Hybrid Project
Wind and solar $174M aggregate packageSBLC amount: Not publicly disclosed. The $174 million figure covers the external commercial borrowing plus LC and SBLC facilities.
VEH Green Energy arranged external commercial borrowing with letter of credit and standby letter of credit facilities from DBS Bank, HSBC and Crédit Agricole CIB. The aggregate package was $174 million.
The financing supports a Karnataka hybrid project with 155 MW AC of wind capacity and 79.2 MW DC of solar capacity. The public disclosure does not separate the SBLC face amount from the borrowing and LC facilities.
Source status: The VEH Green Energy deal record names all three banks and the supported capacities.
Clean Max Tasman Wind Project
140 MW wind $124.629M aggregate borrowingSBLC amount: Not publicly disclosed. The $124.629 million figure is the overall borrowing across the financing structure.
Clean Max Tasman arranged external commercial borrowing plus LC, SBLC and bridge LC facilities. BNP Paribas, Sumitomo Mitsui Banking Corporation and Société Générale formed the bank group.
The facilities support construction and operation of a 140 MW AC wind project in Karnataka. The reported $124.629 million is the overall borrowing. It is not stated as the face value of the standby component.
Source status: JSA published a transaction record for the Clean Max Tasman financing on January 14, 2026.
Manzanillo Gas & Power
$116M SBLC facility Energy infrastructureSBLC amount:$116 million.
Bladex led and participated as a lender in a $116 million standby letter of credit facility for Manzanillo Gas & Power in the Dominican Republic. The project has four sponsors across three jurisdictions.
The project includes LNG storage and regasification units that supply two combined-cycle power plants with 840 MW of capacity. This is not a renewable energy project. It is included because it is a significant 2026 project and trade finance SBLC closing.
Source status: Bladex confirmed the closed facility and identified its amount on June 10, 2026.
Pertamina Geothermal Energy Omnibus Facility
Geothermal energy $75M omnibus ceilingSBLC amount: Not separately disclosed. The $75 million ceiling is shared by SBLCs, guarantees, import LCs, accounts payable finance and revolving loans.
PT Pertamina Geothermal Energy signed a trade facility agreement with Bank Mizuho Indonesia. The unsecured non-cash ceiling reaches $75 million and can support operations or geothermal project development.
The omnibus structure includes SBLCs, guarantees, import LCs, accounts payable finance and a revolving facility. The $75 million ceiling is shared across those products. No separate SBLC allocation was published.
Source status: ANTARA reported the signed PGE and Mizuho agreement on July 25, 2026.
OCI Holdings and OTSM Polysilicon Plant
Solar supply chain $435M project investmentSBLC amount: Not publicly disclosed. The $435 million figure is the plant investment and not the face amount of the standby.
Shinhan Bank agreed to provide direct financial support through its Singapore branch for OTSM's new semiconductor-grade polysilicon plant in Malaysia. The support package includes an SBLC and foreign-currency loans.
The plant investment is $435 million. That figure is not the disclosed standby amount. The broader agreement also covers future-growth businesses and the development of a global solar value chain.
Source status: The Shinhan and OCI Holdings partnership report names the SBLC component but does not provide its face value.
San Miguel Global Power Performance SBLCs
Floating solar and hydro Amount undisclosedSBLC amount: Not publicly disclosed. The issued SBLCs support floating solar and hydropower commitments totaling 1 GW of capacity.
MUFG Bank's Manila Branch issued SBLCs in favor of the Philippine Department of Energy. The standbys secure San Miguel Global Power's performance obligations for floating solar and hydropower commitments under the Green Energy Auction program.
This is a direct example of a performance standby used in a government renewable energy award. The public report confirms issuance but does not state the combined face amount.
Source status: The MUFG sustainable trade transaction report was published on January 13, 2026.
SN Aboitiz Power Magat Floating Solar SBLC
50 MW floating solar Amount undisclosedSBLC amount: Not publicly disclosed. The standby supports a 50 MW floating solar commitment.
MUFG also issued a standby in favor of the Philippine Department of Energy for SN Aboitiz Power Magat. It secures performance obligations for the company's 50 MW floating solar project.
The transaction was described as the company's first green trade facility. It shows how a relatively narrow performance duty can sit beside larger project debt or equity arrangements.
Source status: The same MUFG transaction disclosure confirms the project capacity and issuance purpose.
GreenPower Motor Company SBLC Facilities
Zero-emission vehicles Up to $2.95M announcedSBLC amount: Up to $2.95 million. The signed credit agreement terms included one facility of up to $450,000 and a second facility of up to $2.5 million. Both remained subject to stated closing conditions.
GreenPower announced credit approval for a $450,000 cash-secured letter of credit and a facility of up to $2.5 million. The company described the arrangements as standby letter of credit facilities supporting its recapitalization and production of electric vehicles for existing orders.
The $450,000 facility was subject to security requirements. The $2.5 million facility required an Export Development Canada Account Performance Security Guarantee.
Source status: The January credit approval announcement states the two amounts. GreenPower's SEC-filed management discussion identifies both as standby facilities and records the conditions.
What These 2026 Transactions Show
The examples do not follow one standard template. A standby is a conditional payment undertaking tailored to the underlying obligation. Its form depends on who needs protection and what event should permit a draw.
Performance Security
The San Miguel and SN Aboitiz transactions protect government auction obligations. The beneficiary is looking for a reliable payment remedy if the awarded developer does not perform.
Equity Commitment Support
Prime Infra's equity SBLC facility supports sponsor funding commitments within a much larger project financing. It helps lenders rely on the timing and availability of required equity.
Energy Trading Collateral
PSE uses standby capacity for natural gas purchases and carbon allowance auctions. This is a trading exposure rather than construction finance.
Project and Supply Chain Support
The India hybrid and wind financings combine loans with LCs and SBLCs. OCI and GreenPower show how standby capacity can also support manufacturing or clean-technology supply chains.
An SBLC does not provide project cash by itself. It provides credit support for a defined payment or performance obligation. A developer may still need construction debt, equity, working capital or a bridge facility to fund the project.
How Renewable Energy Sponsors Prepare for SBLC Issuance
A credible request starts with the underlying contract. The applicant should provide the exact beneficiary requirement and explain the obligation being supported. A vague request for general credit support is difficult to underwrite.
| Workstream | What the issuer reviews | What the applicant should prepare |
|---|---|---|
| Underlying obligation | Contract value, performance duties and draw risk | Executed contract, award or term sheet |
| Applicant credit | Reimbursement capacity and financial condition | Financial statements, forecasts and debt schedule |
| Credit support | Cash margin, collateral, sponsor support or approved limit | Asset schedule and proposed support package |
| SBLC wording | Demand mechanics, documents and governing rules | Beneficiary draft and requested rule set |
| Tenor | Expiry, extension and reduction schedule | Project timetable and milestone schedule |
| Compliance | Ownership, counterparties, jurisdiction and sanctions exposure | KYC file and full transaction-party list |
Many standbys use ISP98. Some beneficiaries request UCP 600 or a demand guarantee under URDG 758. The selected rule set should fit the document type and the beneficiary's required form. Financely's SBLC guide covers the practical underwriting and wording considerations.
Where collateral is limited, the applicant should identify the gap rather than assume that issuance will be unsecured. A complete file may include corporate cash flow, receivables, inventory, project assets or third-party support. The standby letter of credit service page outlines the initial information and screening process.
Red Flags in an SBLC Proposal
- The proposal treats the standby as cash available for automatic monetization
- The applicant cannot identify the beneficiary or underlying contract
- The draft allows a draw that the applicant cannot reasonably reimburse
- An intermediary refuses direct issuer verification or controlled communication
- Fees are requested before the applicant receives a mandate and defined scope
- The issuer is unacceptable to the beneficiary or lacks the required rating
- The expiry date does not cover the contractual performance period
A legitimate process links the standby to a real commercial obligation. Issuance remains subject to underwriting, compliance review and final documentation. The beneficiary must also accept the issuer and the operative wording.
Hire Financely for Your SBLC Mandate
Complete the RFQ with the face amount, currency, tenor and beneficiary wording. Include the project or trade contract, applicant financials, collateral position and target issuance date.
The RFQ is the first step to hiring Financely as your advisory and placement agent. Qualified applicants receive an engagement agreement and retainer instructions. The retainer covers underwriting, structuring, file preparation, issuer outreach, wording coordination and process management.
Financely places mandates on a best-efforts basis. It does not issue the standby and cannot guarantee approval or issuance.
Frequently Asked Questions
What is an SBLC in renewable energy project finance?
An SBLC is a bank-issued conditional undertaking that supports a defined payment or performance obligation. A project sponsor may use one to back equity commitments, auction performance, PPA duties or payments under an EPC or supply contract.
Is an SBLC amount the same as the total project financing?
No. The SBLC may be one component of a broader financing package. The Prime Infra disclosure separately states a PHP58.6 billion equity SBLC facility, approximately US$950 million. Other announcements provide only an aggregate borrowing or omnibus ceiling.
Who can issue a standby letter of credit?
A regulated bank or another institution acceptable under the beneficiary's contract may issue the standby. The applicant must pass credit and compliance review. The beneficiary must accept the issuer and final wording.
Can a renewable energy developer obtain an SBLC without full cash collateral?
Potentially, but only after underwriting. An issuer may rely on an approved credit limit, project assets, receivables, sponsor support or other collateral. The available structure depends on applicant credit and expected draw risk.
Which rules govern a standby letter of credit?
ISP98 is commonly used for standbys. UCP 600 can apply when the text selects it. A beneficiary may request a demand guarantee governed by URDG 758 instead. The contract and draft should identify the intended rule set clearly.
How long does SBLC issuance take?
Timing depends on the issuer relationship, credit approval, collateral and wording. An applicant with an existing approved limit can move faster than a new applicant that needs third-party support. Complex cross-border project requests can require several weeks.
About Financely
We Provide Private Credit Trade and Project Finance Advisory for Sponsors and Borrowers
Financely is an independent capital adviser focused on trade finance, project finance, Commercial Real Estate, and M&A funding. We structure, underwrite, and place transactions through regulated partners across banks, funds, and insurers. Engagements are best-efforts, not a commitment to lend, and remain subject to KYC, AML, and approvals.