Yuchengco-led PetroGreen Energy Corp. (PGEC) secured a P834 million loan from Rizal Commercial Banking Corp. (RCBC) for its solar power project in Dagohoy, Bohol.
The amount will be used for the construction of the 27-megawatt renewable energy project, which is expected to be complete by fourth quarter of this year.
“This is a significant milestone for PGEC as we accelerate and increase our renewable energy business and assets,” said 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,” he added.
PGEC is the renewable energy arm of publicly-listed PetroEnergy Resources Corp. (PERC) and is a joint venture with Kyuden International Corp., the overseas investment unit of Kyushu Electric Power of Japan.
Both PetroEnergy and RCBC operate under the Yuchengco Group of Companies.
The P1.2 billion Dagohoy solar power project will be the first large-scale solar power facility in the province and provide for its over 15,000 households, which have been dependent on imported power supply from Leyte and Cebu.
Currently, the site clearing and development has been completed while the installation of PV solar panels will start soon, PGEC said.
“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,” RCBC Corporate Banking Group Head Elizabeth E. Coronel said.
“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 added.
Apart from the Dagohoy solar project, the Yuchengco firm has also been completing the expansion of its Nabas wind farm project for a capacity addition of 13 megawatts and the 25 megawatts solar power project in Bugallon, Pangasinan.
PetroEnergy’s net income climbed by 29 percent to P874 million as of end-September last year as compared to P677 million in the same comparative period in 2022.
In the third quarter of 2023, the company posted a profit of P282.696 million, up from the year-ago level of P171.207 million.
On revenues, the aggregate outcome for the company reached P2.159 billion during the first nine months of last year compared to P1.916 billion in the same period in 2022.
Further, the firm said it has been expanding its investment into its renewable energy portfolio by increasing its direct equity to 75 percent from the previous 67.5 percent.