Nueva Ecija solar project taps P498-M loan from RCBC
An entity under the Yuchengco Group’s PetroEnergy Resources Corp. (PERC) has secured P498 million funding from Rizal Commercial Banking Corp. (RCBC) for a solar power project in Nueva Ecija province.
In a disclosure on Monday, PERC said San Jose Green Energy Corp. (SJGEC), a subsidiary of Rizal Green Energy Corp. (RGEC), signed an omnibus loan and security arrangement for a loan facility with RCBC, RCBC Capital Corp. and RCBC Trust Corp.
The listed firm said the financing would partially fund SJGEC’s 19.6-megawatt (MW) San Jose Solar Power Project, which was in the final stages of regulatory approval.
RCBC is the lender for this transaction, with RCBC Capital as lead arranger and RCBC Trust as facility agent and security trustee.
SJGEC is part of RGEC, a joint venture of another Yuchengco-owned company PetroGreen Energy Corp. (PGEC) and Japanese-based contractor TAISEI Corp.
PGEC is a unit of PERC, which has investments in several projects in geothermal, solar, and wind energy.
The solar project, inaugurated in April, is expected to generate an average of 27 gigawatt-hours of electricity and displace at least 18,900 tons of carbon dioxide emissions annually.
So far, the planned solar facility has received its final certificate of approval to connect to the assets of the National Grid Corp. of the Philippines while awaiting the green light from the Energy Regulatory Commission.
The solar power project will become PGEC’s 8th utility-scale renewable energy facility and the third power facility financed by RCBC after the 32-MW Maibarara geothermal plant in Batangas and the 27-MW Dagohoy solar plant in Bohol.
“This milestone underscores the shared commitment of PGEC and RCBC, both Yuchengco Group of Companies (YGC) members, in increasing the country’s power supply, advancing sustainable energy, and fostering a greener future for the Philippines,” the company said.
Founded in 1994, PERC is engaged in upstream oil exploration and development, renewable energy and power generation through various joint venture companies.
