PetroGreen Energy of the Philippines secures financing for solar power project in Bohol

In a significant development for renewable energy in the Philippines, PetroGreen Energy Corporation (PGEC), led by the Yuchengco group, has finalized a loan agreement with Rizal Commercial Banking Corporation (RCBC) to fund its ambitious Dagohoy Solar Power Project (DSPP) in Dagohoy, Bohol. The loan, amounting to Php 834 million, will provide the necessary capital for the construction of the DSPP, which is slated for completion by the fourth quarter of 2024.

Atty. Arlan P. Profeta, Senior Vice President for Corporate Services at PGEC, hailed the agreement as a pivotal milestone in the company’s efforts to expand its renewable energy portfolio. “This is a significant milestone for PGEC as we accelerate and increase our renewable energy business and assets,” said Profeta. “We have forged a time-tested and fruitful relationship with RCBC, which has resulted in the successful implementation of our other RE projects and we are grateful that we are able to continue the partnership.”

The DSPP project is poised to be Bohol’s first large-scale solar power facility, marking a significant step towards reducing the province’s dependency on external power sources. PGEC has already completed the site clearing and development phase, with plans to commence the installation of PV solar panels in the near future.

Elizabeth E. Coronel, Head of RCBC’s Corporate Banking Group, emphasized the bank’s commitment to sustainability and its role in facilitating the transition to a low-carbon economy. “The private financial sector plays a vital role in the transition to a resilient, low-carbon world,” stated Coronel. “Working with PGEC to fund their various renewable energy projects is very much consistent with RCBC’s sustainability initiatives and direction of supporting projects with positive impact to the environmental and society.”

Beyond its environmental benefits, the DSPP project has already begun contributing to the local community by providing employment opportunities, skills training, and supporting health and education initiatives. This underscores PGEC’s commitment to sustainable development and community engagement.

PGEC, the renewable energy arm of publicly-listed PetroEnergy Resources Corporation (PERC), operates as a joint-venture with Kyuden International Corp. (KIC), the overseas investment unit of Kyushu Electric Power of Japan. With the support of RCBC and its partners, PGEC aims to play a leading role in advancing renewable energy solutions in the Philippines.