MANILA, Philippines — PetroGreen Energy Corporation (PGEC) has obtained project financing from Rizal Commercial Banking Corporation (RCBC) to fund the development of its 33-megawatt-alternating-current (MWac) solar power facility in Isabela province.
In a regulatory filing with the Philippine Stock Exchange on Tuesday, October 6, PGEC announced that its operating units, Rizal Green Energy Corporation (RGEC) and BKS Green Energy Corporation (BKS), executed a ₱1.24-billion omnibus loan and security agreement with RCBC.
The funds will support the staged construction of the solar site located in Barangay Limbauan, San Pablo.
The facility’s initial phase will encompass 6.006 megawatts direct current (MWdc), backed by an off-take agreement with the Isabela II Electric Cooperative Inc. (ISELCO II). The subsequent phase will add the remaining 33.831 MWdc to complete the plant’s full generation capacity.
The Limbauan development previously secured a winning slot under the Department of Energy’s second Green Energy Auction program (GEA-2).
Because both PGEC and RCBC operate as subsidiaries within the Yuchengco Group of Companies, the synergy reflects an ongoing effort to expand sustainable power infrastructure nationwide.
“We are pleased to once again collaborate with RCBC, whose steadfast partnership continues to strengthen PGEC, through its subsidiaries RGEC and BKS, to deliver dependable and environmentally responsible power infrastructure for local communities and industries,” said PGEC Vice President for Corporate Services Arlan Profeta.
“Supporting clean energy projects like the Limbauan solar power project aligns with RCBC’s core commitment to driving sustainable finance and accelerating the nation’s energy transition,” said Elizabeth Coronel, RCBC institutional banking group head.
The project is designed to bolster PGEC’s expanding renewable portfolio while injecting additional electricity supply into the Luzon grid and regional distribution utilities.