PetroEnergy Resources Corp. (PERC) announced that its affiliate, San Jose Green Energy Corp. (SJGEC), has secured a P498-million term loan facility from Rizal Commercial Banking Corp. (RCBC) to partially finance its 19.6-megawatt solar power project in San Jose, Nueva Ecija.
The loan, formalized on June 10, was arranged under an omnibus loan and security agreement with RCBC as lender, RCBC Capital Corp. as lead arranger, and RCBC Trust Corp. acting as facility agent and security trustee.
PERC highlighted that the project is in its final regulatory stages, having already obtained a certificate to connect from the National Grid Corporation of the Philippines. The project now awaits its Certificate of Compliance (COC) from the Energy Regulatory Commission to commence commercial operations.
Expected to generate 27 gigawatt-hours of clean electricity annually and displace 18,900 tons of CO₂ emissions, the San Jose project underscores PERC’s growing renewable portfolio. Upon COC issuance, it will become PetroGreen Energy Corp. ‘s (PGEC) eighth utility-scale renewable energy facility and the third to be financed by RCBC, following the Maibarara geothermal plant in Batangas and Dagohoy solar plant in Bohol.
SJGEC is a subsidiary of Rizal Green Energy Corp., a joint venture between PGEC (a PERC subsidiary) and Japan’s TAISEI Corp. The financing success reinforces PGEC’s strategic ties with RCBC and marks continued investor confidence in the group’s renewable development pipeline, which also includes large-scale solar, wind, and offshore wind projects across the Philippines.
