PETROGREEN Energy Corp. said Tuesday that Rizal Green Energy Corp. and BKS Green Energy Corp. had signed an omnibus loan and security agreement with Rizal Commercial Banking Corp. (RCBC) for a P1.24-billion project finance facility.
The funds will be used to partially finance Green Energy’s 33 megawatt-alternating current (MWac) ground-mounted solar power plant in Limbauan, San Pablo, Isabela.
"The Limbauan Solar Power Project represents another significant step in expanding our renewable energy portfolio and supplying clean, sustainable electricity to the Luzon grid and local electric cooperatives,” PetroGreen Energy Vice President Arlan Profeta said.
RCBC Institutional Banking Group head Elizabeth Coronel said, "Supporting clean energy projects like the Limbauan Solar Power Project aligns with our core commitment to driving sustainable finance and accelerating the nation’s energy transition.”
The facility will be developed in two phases. Phase 1 covers 5 MWac under a power supply agreement with Isabela II Electric Cooperative. Phase 2 has a capacity of 28 MWac under the Department of Energy’s Green Energy Auction 2 tariff.
On Tuesday, PetroEnergy Resources share price dropped by 20 centavos to P4.50.
