PetroGreen Energy Corporation (PGEC) has secured a ₱635.9-million loan from Rizal Commercial Banking Corporation (RCBC) to fund a pioneering battery energy storage system (BESS) in Panitan, Capiz.
The 20-megawatt, 40-megawatt-hour facility will introduce Huawei Technologies’ Luna2000-5015-2S battery infrastructure to the Philippine market for the first time. Industry developers anticipate that the project will establish a critical technical standard for upcoming energy storage developments across the nation.
Overseen by EcoSolar Energy Corp., a subsidiary of PetroGreen, the facility intends to fortify the Panay sub-grid, an area frequently plagued by power supply shortages and grid alerts.
“EcoSolar’s Panitan BESS project is being developed to help strengthen the stability and reliability of the Panay sub-grid,” explained Maria Victoria Olivar, PetroGreen’s senior vice president for business development and commercial operations.
The project remains on track, with physical construction projected to finish this August and full commissioning expected in September. The venture represents PetroGreen’s debut in the commercial battery storage market.
Backed by RCBC and its investment banking division, RCBC Capital Corporation, this initiative marks the fourth energy collaboration between the two Yuchengco Group companies over the last three years.
With the Philippines actively working to diminish its dependence on coal and fossil fuels, commercial banks are ramping up funding for renewable energy infrastructure to stabilize the power grid against the intermittent nature of solar and wind energy.
“Through this financing, RCBC recognizes its role in supporting projects that mitigate rolling blackouts, address the intermittent nature of renewable energy, and reduce the country’s reliance on fossil fuels,” noted Elizabeth Coronel, head of RCBC’s institutional banking group.
The grid-stabilizing facility is ultimately designed to deliver a more reliable, affordable, and eco-friendly electricity supply to both local households and industrial hubs.