From: Mercom India
PetroGreen Energy Corporation (PGEC), the renewable energy arm of publicly listed PetroEnergy Resources Corporation, through its subsidiaries Rizal Green Energy Corporation (RGEC) and BKS Green Energy (BKS), has signed an Omnibus Loan and Security Agreement with Rizal Commercial Banking Corporation (RCBC) for a project finance facility of up to ₱1.24 billion (~19.7 million).
The facility will partially finance BKS’s approximately 40 MWDC/33 MWAC ground-mounted Limbauan Solar Power Project in San Pablo, Isabela, the Philippines.
RCBC is the lender and accounts bank for the transaction. RCBC Capital Corporation is the lead arranger, while RCBC Trust Corporation is the facility agent and security trustee.
The Limbauan Solar Power Project is being developed in two phases. Phase 1 has a capacity of 6.006 MWDC/5.013 MWAC and is backed by a Power Supply Agreement with Isabela II Electric Cooperative. Phase 2 has a capacity of 33.831 MWDC/28.160 MWAC and was awarded a tariff under the Philippines Department of Energy’s Green Energy Auction 2.
“The Limbauan Solar Power Project represents another significant step in expanding PGEC’s renewable energy portfolio and supplying clean, sustainable electricity to the Luzon grid and local electric cooperatives,” said PGEC Vice President for Corporate Services, Arlan P. Profeta.
“We are pleased to once again collaborate with RCBC, whose steadfast partnership continues to strengthen PGEC, through its subsidiaries RGEC and BKS, to deliver dependable and environmentally responsible power infrastructure for local communities and industries.”
The financing is another project finance transaction between PGEC and RCBC, which are both members of the Yuchengco Group of Companies.
Announced large-scale solar project funding increased by 71% in the first half of 2026 compared with the funding raised in the same period in 2025, according to Mercom’s 1H and Q2 2026 Solar Funding and M&A report.
In July 2026, Citicore Renewable Energy Corporation, a renewable energy developer, signed a ₱4.05 billion (~$66 million) project finance loan facility with LANDBANK to develop two solar and battery storage projects in the Philippines. The company will develop the projects through its subsidiary, Citicore Solar Embedded. The projects will be located in Pampanga and Nueva Ecija.
