PetroGreen Energy Corporation’s (PGEC) 19.6 MWDC solar power project in Nueva Ecija is nearing commercial operation, following the signing of a PHP 498 million loan agreement between San Jose Green Energy Corporation (SJGEC) and Rizal Commercial Banking Corporation (RCBC).

The loan, signed on June 10, will partially finance the San Jose Solar Power Project (SJSPP). The financing was formalized under an Omnibus Loan and Security Arrangement (OLSA), with RCBC as lender, RCBC Capital Corporation as lead arranger, and RCBC Trust Corporation as facility agent and security trustee.

The agreement was signed by SJGEC President F.G. Delfin Jr. and RCBC Executive Vice President Elizabeth E. Coronel.

SJGEC is a subsidiary of Rizal Green Energy Corporation (RGEC), a joint venture between PGEC—under the Yuchengco Group—and Japan’s TAISEI Corporation

The SJSPP has made significant strides in regulatory compliance. It received its Final Certificate of Approval to Connect (FCATC) from the National Grid Corporation of the Philippines on April 14, 2025, and submitted its Certificate of Compliance (COC) application to the Energy Regulatory Commission (ERC) the following day. ERC technical personnel conducted a site inspection on June 11 as part of the COC process.

Once operational, SJSPP will be PGEC’s eighth utility-scale renewable energy project and its third to be financed by RCBC, following the 32 MW Maibarara geothermal plant and 27 MWDC Dagohoy solar plant. The project is expected to produce 27 GWh annually and avoid at least 18,900 tons of CO₂ emissions each year.

What are your thoughts on how this financing model supports the Philippines’ renewable energy goals? Join the conversation with us.

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