San Jose Green Energy Corp. (SJGEC), a subsidiary of Rizal Green Energy Corp. (RGEC), has secured a P498-million term loan from Rizal Commercial Banking Corp. (RCBC), a fellow member of the Yuchengco Group of Companies, to support its 19.6-megawatt (MW) solar power project in Nueva Ecija.

In a stock exchange report on Monday, PetroGreen Energy Corp. (PGEC) said the loan agreement was executed under an Omnibus Loan and Security Arrangement last week with RCBC as lender, RCBC Capital Corp. as lead arranger, and RCBC Trust Corp. as facility agent and security trustee.

To date, the San Jose Solar Power Project (SJSPP) is in its final regulatory stage. It recently secured the Final Certificate of Approval to Connect from the National Grid Corp. of the Philippines. 

A Certificate of Compliance (COC), on the other hand, was filed with the Energy Regulatory Commission last April. ERC technical personnel conducted an inspection of the facility on 11 June as part of the compliance process.

Once operational, SJSPP will be PGEC's eighth utility-scale renewable energy project and the third to be financed by RCBC, following the 32-MW Maibarara geothermal plant and the 27-MW Dagohoy solar plant.

SJSPP is expected to produce 27 gigawatt-hours of electricity annually and displace at least 18,900 tons of carbon dioxide emissions.