The PetroGreen Energy Corporation (PGEC), spearheaded by Yuchengco, has effectively obtained a loan facility from Rizal Commercial Banking Corporation (RCBC) for its Dagohoy Solar Power Project (DSPP), spanning 27.5 megawatts. The project is located in Dagohoy, Bohol. The DSPP construction is expected to be finished by the fourth quarter of 2024, with the loan providing P834 million in capital. “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 anticipated to be Bohol's first sizable solar power plant and lessen the province's reliance on power imported from other parts of the island. Up until now, PGEC has finished the site's development and clearing, and PV solar panel installation is about to start. 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.” Even during the initial site clearance and development that began in 2023, the DSPP has given local communities, partner municipalities, and the province of Bohol health and education programs, employment opportunities, and skill training. 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.
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