PetroGreen secures P1.24 billion RCBC loan for 40-MWdc solar project in Isabela
PetroGreen Energy Corp. has secured a P1.24 billion loan from Rizal Commercial Banking Corp. to develop the 40-megawatt-direct-current Limbauan Solar Power Project in San Pablo, Isabela. The facility, which will use 52,640 solar panels from China's Trina Solar, is expected to generate 59 GWh of elec
PetroGreen Energy Corp. (PGEC) has secured a loan facility of up to P1.24 billion from Rizal Commercial Banking Corp. (RCBC) to finance a solar power project in San Pablo, Isabela. In a statement on Tuesday, the Yuchengco-led renewable energy company said the financing would support the development of the 40-megawatt-direct current (MWdc) Limbauan Solar Power Project.
“The Limbauan Solar Power Project represents another significant step in expanding PGEC’s renewable energy portfolio and supplying clean, sustainable electricity to the Luzon grid and local electric cooperatives,” PetroGreen Vice-President for Corporate Services Arlan P. Profeta said. RCBC served as lender and accounts bank, while RCBC Capital Corp. acted as lead arranger. RCBC Trust Corp. served as facility agent and security trustee.
The P1.9-billion project is being developed in two phases: a 6-MWdc first phase that will connect to the Isabela Electric Cooperative II system and a 33.83-MWdc second phase that will link to the National Grid Corp. of the Philippines’ 69-kilovolt Tuguegarao-Cabagan line through a dedicated transmission facility. The project will use 52,640 solar panels supplied by China-based Trina Solar Co., Ltd.
“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,” RCBC Institutional Banking Group Head Elizabeth E. Coronel said. PetroGreen said the facility is expected to generate up to 59 gigawatt-hours of electricity annually once completed and avoid about 31,700 metric tons of carbon dioxide emissions.
The Department of Energy has certified the project as an energy project of national significance, the company said. The project is being developed by BKS Green Energy Corp., a subsidiary of Rizal Green Energy Corp., which is a joint venture between PetroGreen and Japan’s Taisei Corp.
PetroGreen is the renewable energy arm of listed PetroEnergy Resources Corp. It currently operates four utility-scale solar projects in Tarlac, Bohol, and Nueva Ecija, with four more projects in the pipeline, according to the company. PetroEnergy shares fell 4.26 per cent to close at P4.50 apiece on Tuesday.
