PetroGreen taps P826 million RCBC loan for solar farm

MANILA, Philippines — Yuchengco-led PetroGreen Energy Corp. (PGEC) has secured an P826-million loan from Rizal Commercial Banking Corp. (RCBC) to fund the development of its 25-megawatt (MW) Bugallon Solar in Pangasinan.

The omnibus loan and security agreement was facilitated through Bugallon Green Energy Corp., a subsidiary of Rizal Green Energy Corp., itself a joint venture between PGEC and Japan’s Taisei Corp.

“This financing milestone reflects our unwavering commitment to increase the country’s power supply from indigenous energy sources,” PGEC president and CEO Francisco Delfin Jr. said.

Targeted for commercial operation this year, the Bugallon project is projected to generate around 36 gigawatt-hours of clean power annually.

The solar generation output is sufficient to power over 15,000 households and displace approximately 25,000 metric tons of carbon emissions annually.

“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,” Delfin said.

RCBC, majority-owned by the Yuchengco Group, frames the financing as a commitment to being 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,” RCBC executive vice president and institutional banking group head Elizabeth Coronel said.

The bank has supported PGEC in implementing its renewable energy projects nationwide.

Earlier this year, PGEC signed a loan facility of P498 million with RCBC to bankroll its 19.6-MW San Jose Solar in Nueva Ecija.