Yuchengco-led Bugallon Green Energy Corp. (BGEC) has secured a P826 million loan facility from Rizal Commercial Banking Corp. (RCBC), a fellow member of the Yuchengco Group, to finance the 25-megawatt Bugallon Solar Power Project (BSPP) in Pangasinan.

PetroGreen Energy Corp. (PGEC) said in a stock exchange report on Monday that loan was finalized under RCBC’s Sustainable Finance Framework, which supports climate-resilient and sustainable development projects.

“This financing milestone reflects our unwavering commitment to increase the country's power supply from indigenous energy sources,” 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,” he added.

The financing is part of its sustainability agenda within the Yuchengco Group through BGEC, a unit of Rizal Green Energy Corp., a joint venture between PetroGreen Energy Corp. and Japan’s Taisei Corp.

Once operational, the Bugallon Solar Power Project is expected to generate about 36 gigawatt-hours annually—enough to power over 15,000 homes and offset around 25,000 metric tons of carbon emissions per year—and is currently awaiting NGCP approval for its energization request filed in August.