MANILA, Philippines — PetroGreen Energy Corp. (PGEC), a subsidiary of Yuchengco-led PetroEnergy Resources Corp., secured a P834-million loan from another Yuchengco firm, Rizal Commercial Banking Corp., for the development of the 27.5-megawatt Dagohoy Solar Power Project in Bohol province.
The parent firm, PERC, disclosed on Tuesday that PGEC secured a loan facility to fund part of the P1.2-billion solar farm in Dagohoy town, targeted for completion by the fourth quarter of this year.
“We have forged a time-tested and fruitful relationship with RCBC, which have resulted in successful implementation of our other RE (renewable energy) projects and we are grateful that we are able to continue the partnership,” said Arlan Profeta, PERC senior vice president for corporate services.
READ: Bohol’s first solar power plant to start operations in Q4 2024
“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 environment and society,” said Elizabeth Coronel, head of RCBC’s corporate banking group.
Bohol’s 1st large-sale solar power facility
PGEC—a joint venture of PERC and Kyuden International Corp., the overseas investment unit of Kyushu Electric Power of Japan—is building the Dagohoy solar project, touted as the first large-scale solar power facility in the province. It was formally launched in September last year.
The company has completed the site clearing and development, and the installation of solar photovoltaic panels will begin soon. The solar farm will use 40,628 solar panels to serve around 15,000 households in the area.
READ: PGEC breaks ground for new solar power plant in Dagohoy, Bohol
The project would be connected to the National Grid Corp. of the Philippines’ 69-kilovolt Bohol transmission line and SN Aboitiz Power, the Aboitiz Group’s renewable energy arm, is cued to be the buyer.
PEGC said the Dagohoy Solar Power Project, upon its completion, will reduce Bohol’s dependence on power coming from Leyte and Cebu provinces.
The company also said the project has provided local jobs, skills training, and health and education projects to its host communities, even during the initial site clearing and development that started in 2023.