Yuchengco firm secures P498-M loan for Nueva Ecija solar project – BusinessWorld Online
SAN JOSE Green Energy Corp. (SJGEC) has secured a P498-million term loan facility from Rizal Commercial Banking Corp. (RCBC) to partly finance the development of its 19.6-megawatt direct current (MWdc) solar power project in Nueva Ecija.
In a statement on Monday, SJGEC said it signed an omnibus loan and security agreement with RCBC as the lender for the San Jose Solar Power Project.
RCBC Capital Corp. acted as lead arranger, while RCBC Trust Corp. served as facility agent and security trustee.
SJGEC is a subsidiary of Rizal Green Energy Corp. (RGEC), a joint venture between Yuchengco-led PetroGreen Energy Corp. (PGEC) and Japan-based TAISEI Corp. PGEC is the renewable energy arm of listed firm PetroEnergy Resources Corp. (PERC).
RGEC’s project portfolio includes the 27-megawatt-peak (MWp) Dagohoy solar project in Bohol, the 25-MWp Bugallon solar project in Pangasinan, and the 40-MWp Limbauan solar project in Isabela.
The company said the San Jose Solar Power Project is in the final stages of securing regulatory approvals ahead of its targeted commercial operations in the third quarter.
The facility is PGEC’s eighth utility-scale renewable energy project and is expected to generate an average of 27 gigawatt-hours annually, offsetting at least 18,900 metric tons of carbon dioxide emissions per year.
“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.
PERC is targeting to expand its generation capacity to 500 MW by 2029 from the current 145 MW. — Sheldeen Joy Talavera