PetroGreen Energy Corp. (PGEC), through subsidiaries Rizal Green Energy Corp. (RGEC) and BKS Green Energy Corp., has secured up to P1.24 billion in project financing from Rizal Commercial Banking Corp. (RCBC) to develop the Limbauan ground-mounted solar plant in San Pablo, Isabela.
The facility will fund the roughly 40-megawatt plant, built in two phases. Phase 1 at 6.006 MW holds a power supply agreement with Isabela II Electric Cooperative, while Phase 2 at 33.831 MW was awarded capacity under the Department of Energy’s Green Energy Auction 2.
RCBC served as lender and deposit bank, with RCBC Capital as lead arranger and RCBC Trust as facility agent and security trustee.
PGEC vice president for corporate services Atty. Arlan Profeta said the deal deepens a trusted partnership. “We are pleased to once again collaborate with RCBC, whose steadfast support continues to strengthen PGEC through RGEC and BKS to deliver reliable, clean power for local communities and industries,” he stated.
RCBC Institutional Banking Group head Elizabeth Coronel said backing the project aligns with the bank’s core mission. “Support for Limbauan advances sustainable finance and speeds the nation’s energy transition. Together, we boost energy security, cut emissions, and help meet the country’s renewable energy and climate goals,” she added.
Earlier this week, BKS also won approval from the Energy Regulatory Commission to build a dedicated point-to-point transmission line for Phase 2, costing P260.66 million.
BKS is fully owned by RGEC, a joint venture between PGEC and Japan’s Taisei Corp. PGEC is a unit of listed PetroEnergy Resources Corp. (PERC), whose portfolio spans solar projects in Bohol, Nueva Ecija and Tarlac, plus the Maibarara geothermal facility in Batangas. PERC also manages offshore oil operations in Gabon, where a drilling campaign is set to lift daily production from 15,000 to 18,000 barrels by end-2026.
