PGEC secures loan for Bohol solar project

Petrogreen energy Corp. (PGEC) said tuesday it obtained an P834-million loan from rizal Commercial Banking Corp. (RCBC) for its 27.5-megawatt (MW) Dagohoy Solar Power Project (DSPP) in Dagohoy, Bohol.

the DSPP is expected to be the first large-scale solar power facility in Bohol and will be completed in the last quarter of this year. once operational, it is expected to reduce Bohol’s dependency on power from outside the island province.

to date, PGEC has completed the site clearing and development, and the installation of PV solar panels will commence soon. “this is a significant milestone for PGEC as we accelerate and increase our renewable energy [re] business and assets,” said PGEC Senior Vice President for Corporate Services Arlan Profeta.

“We have forged a time-tested and fruitful relationship with RCBC, which have resulted in successful implementation of our other re projects and we are grateful that we are able to continue the partnership.”

the DSPP has provided local employment, skills training, and health and education projects to its host communities, partner municipality, and the province of Bohol even during the initial site clearing and development which started in 2023.

RCBC Corporate Banking Group Head elizabeth Coronel said the private financial sector plays a vital role in the transition to a resilient, low-carbon world.

“RCBC believes that sustainability is a shared responsibility. this we gladly embrace alongside our stakeholders. 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 environmental and society.”

PGEC is the renewable energy arm of publicly listed Petroenergy resources Corp. and is a joint venture with Kyuden International Corp., the overseas investment unit of Kyushu electric Power of Japan.