PetroGreen Energy Corporation (PGEC) has secured a PHP 635.9-million project financing facility from Rizal Commercial Banking Corporation (RCBC) to partially fund the construction of a 20-megawatt/40-megawatt-hour battery energy storage system (BESS) in Panitan, Capiz, marking another step in expanding grid support infrastructure in the Visayas.

The financing was signed through PGEC subsidiary EcoSolar Energy Corporation (ESEC) under an Omnibus Loan and Security Agreement. RCBC is the lender, while RCBC Capital Corporation served as lead arranger and RCBC Trust Corporation as facility agent and security trustee.

The Panitan BESS is being developed to improve the stability and reliability of the Panay sub-grid as renewable energy capacity continues to grow.

“EcoSolar’s Panitan BESS project is being developed to help strengthen the stability and reliability of the Panay sub-grid,” said PGEC Senior Vice President for Business Development and Commercial Operations Maria Victoria M. Olivar.

“We are pleased to work with RCBC on this project, and we value their continued partnership in helping PGEC and EcoSolar deliver cleaner, more resilient, and more dependable power infrastructure for the communities and industries we serve,” she added.

Construction of the facility is now underway. The company said the project is on track for physical completion in August 2026, with testing and commissioning scheduled to begin in September 2026.

PGEC also said the project will be the first deployment in the Philippines of Huawei’s Luna2000-5015-2S battery system, which it said could help establish a benchmark for future battery energy storage installations in the country.

For RCBC, the financing supports investments aimed at improving grid reliability while advancing the country’s energy transition.

“Through this financing, RCBC recognizes its role in supporting projects that mitigate rolling blackouts, address the intermittent nature of renewable energy, and reduce the country’s reliance on fossil fuels,” said RCBC Institutional Banking Group Head Elizabeth Coronel.

“Our objective is to help provide Filipino households and industries with a more reliable, resilient, and affordable power supply, and support the nation’s climate goals,” she added.

The Panitan project is PGEC’s first battery energy storage venture and the fourth PGEC project financed by RCBC and arranged by RCBC Capital over the past three years.

ESEC is also developing a planned approximately 90-MWdc Panitan Solar Power Project in Capiz, complementing the battery storage facility as part of its renewable energy expansion.

What impact could more battery energy storage projects have on grid reliability and renewable energy integration in the Philippines? Share your thoughts in the comments.

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