Yuchengco-led Bugallon Green Energy Corp. (BGEC) has secured a P826-million loan facility from Rizal Commercial Banking Corp. (RCBC) to finance the 18.56-megaWatt alternating current Bugallon Solar Power Project (BSPP) in Pangasinan.
BGEC is a subsidiary of Rizal Green Energy Corp. (RGEC), a joint venture between PetroGreen Energy Corp. (PGEC) and Japan’s Taisei Corp. PGEC, in turn, is 75 percent owned by listed renewable energy firm PetroEnergy Resources Corp. (PERC), which shares the Yuchengco Group of Companies as a major shareholder with RCBC.
The solar project is a crucial part of PGEC’s strategy to expand its renewable energy portfolio. Once operational, the Bugallon facility is projected to generate around 36 gigawatt-hours (GWh) of clean electricity annually—enough to power more than 15,000 households and offset about 25,000 metric tons of carbon emissions every year.
“This financing milestone reflects our unwavering commitment to increase the country’s power supply from indigenous energy sources,” said PGEC President and CEO Francisco G. Delfin Jr. “We are grateful for RCBC’s continued trust and partnership, which enables us to contribute to the country’s clean energy transition and rural development,” he added.
RCBC said the funding for BSPP is aligned with its broader sustainability agenda and its growing role as a key financier of green infrastructure in the Philippines.
“The loan agreement was finalized under RCBC’s Sustainable Finance Framework, reinforcing the bank’s role in enabling climate-resilient developments that promote sustainable economic growth,” said Elizabeth E. Coronel, RCBC Executive Vice President and Head of Institutional Banking Group.
The project underscores the Yuchengco Group’s deepening synergy between finance and renewable energy.
