PETROGREEN Energy Corp. on Friday said that it had secured a P635.90-million loan facility for a battery energy storage system (BESS) project in Capiz.
In a disclosure, the company said that its subsidiary, EcoSolar Energy Corp., had signed an omnibus loan and security agreement with Rizal Commercial Banking Corporation (RCBC) for project financing to partially fund the 20-megawatt BESS in Panitan, Capiz.
The facility is set for commissioning and testing around September 2026.
RCBC Capital Corp. served as lead arranger and RCBC Trust Corp. acted as the facility agent and security trustee.
“EcoSolar’s Panitan BESS project is being developed to help strengthen the stability and reliability of the Panay sub-grid,” said Maria Victoria Olivar, senior vice president at PetroGreen.
“We are pleased to work with RCBC on this project, and we value their continued partnership in helping deliver cleaner, more resilient, and more dependable power infrastructure for the communities and industries we serve," she added.
PetroGreen Energy is a subsidiary of the Yuchengcho Group’s PetroEnergy Resources Corp., whose shares closed unchanged at P3.57 apiece on Friday.
