Yuchengco-led Bugallon Green Energy Corp. (BGEC) has obtained an P826-million financing facility from Rizal Commercial Banking Corp. (RCBC) to bankroll its 18.56-megawatt alternating current (MWac) Bugallon Solar Power Project (BSPP) in Pangasinan.
In a disclosure to the stock exchange Monday, PetroEnergy Resources Corp. (PERC) said BGEC and RCBC signed an Omnibus Loan and Security Arrangement (OLSA). BGEC is a subsidiary of Rizal Green Energy Corp.(RGEC), a joint venture between PetroGreen Energy Corp. (PGEC) and Japan’s Taisei Corp. PGEC is the renewable energy (RE) arm of PERC. The solar facility is a key component of PGEC’s continued build-up of its RE portfolio. Once operational, the plant is expected to generate approximately 36 gigawatt-hours annually, enough to power over 15,000 households and offset approximately 25,000 metric tons of carbon emissions per year.
‘This financing milestone reflects our unwavering commitment to increase the country’s power supply from indigenous energy sources’ said PGEC President and CEO Francisco G. Delfin, Jr. ‘We are grateful for RCBC’s continued trust and partnership which enables us to contribute to the country’s clean energy transition and rural development.’
RCBC’s support for the Bugallon project aligns with its broader sustainability agenda and its role as a key financier of green infrastructure in the Philippines.
‘The loan agreement was finalized under RCBC’s Sustainable Finance Framework, reinforcing the bank’s role in enabling climate-resilient developments that promote sustainable economic growth,’ said RCBC’s Executive Vice President and Head of Institutional Banking Group Elizabeth E. Coronel.
At end-June this year, PERC reported a 12 -percent drop in net income to P463.75 million in from P526.99 million in the same period last year. The Yuchengco-led power firm attributed the decline to low oil prices and rising expenses for new renewable energy projects.