Yuchengco-led PetroGreen Energy Corp. (PGEC) has secured a loan of up to P1.24 billion to help finance the construction of its Isabela solar farm.
The company, through its subsidiaries Rizal Green Energy Corp. and BKS Green Energy Corp., said it signed the omnibus loan and security agreement with Rizal Commercial Banking Corp. (RCBC).
For this transaction, RCBC Capital Corp. acted as lead arranger, while RCBC Trust Corp. served as facility agent and security trustee.
The firm said it would use a portion of the new capital to fund the development of its ground-mounted solar power plant in San Pablo, Isabela province.
The project, designed to have a capacity of 40 megawatts direct current (MWdc), will be built in two phases. The first phase, involving 6 MWdc, has already sealed a power supply agreement with Isabela II Electric Cooperative. The second phase, meanwhile, secured a win in the second round of the green energy auction program.
‘The Limbauan Solar Power Project represents another significant step in expanding PGEC’s renewable energy portfolio and supplying clean, sustainable electricity to the Luzon grid and local electric cooperatives,’ PGEC vice president for Corporate Services Arlan Profeta said in a statement on Tuesday.
‘Supporting clean energy projects like the Limbauan Solar Power Project aligns with RCBC’s core commitment to driving sustainable finance and accelerating the nation’s energy transition,’ added RCBC Institutional Banking Group Head Elizabeth Coronel.
Late last year, the group also obtained P826 million from RCBC for its 25-MW Bugallon Solar in Pangasinan.
Beyond solar, PGEC, the renewable energy arm of Yuchengco-led PetroEnergy Resources Corp., has also invested in geothermal and wind assets.