PGEC secures P834-M power project loan

Yuchengco-led PetroGreen Energy Corp. (PGEC) has secured a P834 million loan facility from Rizal Commercial Banking Corp., or RCBC, for its 27.5-megawatts Dagohoy Solar Power Project (DSPP) in Dagohoy, Bohol.

PGEC said on Tuesday that the additional capital will help the company complete the solar project, touted as the first large utility-scale solar power project under development in the province, on time by the last quarter of the year.

“This is a significant milestone for PGEC as we accelerate and increase our renewable energy business and assets.”

“We have forged a time-tested and fruitful relationship with RCBC, which has resulted in the successful implementation of our other RE projects and we are grateful that we can continue the partnership,” Arlan P. Profeta, senior vice president for corporate services, said.

Site clearing done

To date, PGEC has completed the site clearing and development, and the installation of PV solar panels will commence soon.

Meanwhile, RCBC corporate banking group head Elizabeth E. Coronel pointed out that the loan facility extended to PGEC is part of the bank’s thrust to support the “transition to a resilient, low-carbon world.”

“RCBC believes that sustainability is a shared responsibility. This we gladly embrace alongside our stakeholders. Working with PGEC to fund their various renewable energy projects is very much consistent with RCBC’s sustainability initiatives and direction of supporting projects with a positive impact on the environment and society,” Coronel said.

The DSPP has provided local employment, skills training, and health and education projects to its host communities, partner municipality, and the province of Bohol even during the initial site clearing and development which started in 2023.

PGEC is the renewable energy arm of publicly-listed PetroEnergy Resources Corp. and is a joint venture with Kyuden International Corp., the overseas investment unit of Kyushu Electric Power of Japan.