PetroGreen secures financing for Bohol solar power project

Bohol- Yuchengco-led PetroGreen Energy Corporation (PGEC) has successfully secured a loan facility from Rizal Commercial Banking Corporation (RCBC) for its 27.5 MW (megawatts) Dagohoy Solar Power Project (DSPP) in Dagohoy, Bohol. The loan will provide Php 834
Million of capital to be used for the construction of DSPP, which is targeted to be completed by 4Q of 2024.

“This is a significant milestone for PGEC as we accelerate and increase our renewable energy business and assets,” says Atty. Arlan P. Profeta, Senior Vice President for Corporate Services. “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,” adds Atty. Profeta.

The DSPP is expected to be the first large-scale solar power facility in Bohol and will reduce the Province’ dependency from power coming from outside the island province. To date,

PGEC has completed the site clearing and development, and the installation of PV solar panels will commence soon.

For their part, RCBC Corporate Banking Group Head Elizabeth E. Coronel expressed that “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. 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.”

The DSPP has provided local employment, skills training, and health and education projects to its host communities, partner municipality, and the province of Bohol even during the initial site clearing and development which started in 2023.(see photo).

PGEC is the renewable energy arm of publicly-listed PetroEnergy Resources Corporation (PERC) and is a joint-venture with Kyuden International Corp. (KIC), the overseas investment unit of Kyushu Electric Power of Japan.