PetroGreen Energy Corp. (PGEC) of the Yuchengo Group said Tuesday it secured an P834-million loan facility from Rizal Commercial Banking Corp. (RCBC) for its 27.5-megawatt Dagohoy solar power project (DSPP) in Dagohoy, Bohol.
The loan will be used for the construction of DSPP, which is targeted to be completed by fourth quarter of 2024.
“This is a significant milestone for PGEC as we accelerate and increase our renewable energy business and assets,” PGEC senior vice president for corporate services lawyer Arlan Profeta said.
“We have forged a time-tested and fruitful relationship with RCBC, which have resulted in successful implementation of our other RE projects and we are grateful that we are able to continue the partnership,” said Profeta.
The DSPP is expected to be the first large-scale solar power facility in Bohol that will reduce dependence from power coming from outside the island province.
PGEC said it completed the site clearing and development as the solar panel installation will start soon.
PGEC is the renewable energy arm of publicly-listed PetroEnergy Resources Corp. (PERC) and is a joint-venture with Kyuden International Corp. (KIC), the overseas investment unit of Kyushu Electric Power of Japan.
“The private financial sector plays a vital role in the transition to a resilient, low-carbon world. RCBC believes that sustainability is a shared responsibility,” RCBC corporate banking group head Elizabeth Coronel said.
“This we gladly embrace alongside our stakeholders. 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. We are happy to partner with PGEC in our joint journey towards greening the Philippines,” she said.
