Yuchengco-led Bugallon Green Energy Corp. (BGEC) has secured a P826-million loan from Rizal Commercial Banking Corp. (RCBC) to finance its 25.01-MWDC /18.56-MWac Bugallon Solar Power Project (BSPP).
BGEC, a subsidiary of Rizal Green Energy Corp. (RGEC), which is a joint venture between PetroGreen Energy Corp. (PGEC) and Japan’s Taisei Corp., signed an omnibus loan and security arrangement (OLSA) with RCBC for the facility.
The solar facility, located in Bugallon, Pangasinan, is a key component of PGEC’s strategy to expand its renewable energy portfolio. Once operational, the plant is expected to generate approximately 36 gigawatt-hours annually, enough to power over 15,000 households and offset approximately 25,000 metric tons of carbon emissions per year.
PGEC president and chief executive Francisco Delfin Jr. cited the importance of the project.
“This financing milestone reflects our unwavering commitment to increase the country’s power supply from indigenous energy sources,” Delfin said.
“We are grateful for RCBC’s continued trust and partnership which enables us to contribute to the country’s clean energy transition and rural development,” he said.
The loan agreement was finalized under RCBC’s Sustainable Finance Framework, aligning with the bank’s broader sustainability agenda.
RCBC executive vice president and head of institutional banking group Elizabeth Coronel noted that the framework reinforces “the bank’s role in enabling climate-resilient developments that promote sustainable economic growth.”
 secures a P826 million loan from Rizal Commercial Banking Corporation (RCBC) to develop the 25.01 MWDC solar power project in Bugallon, Pangasinan, boosting the Philippines' renewable energy capacity.){kind=link}