YUCHENGCO-LED PetroGreen Energy Corp. (PGEC) has secured a loan facility worth P834 million from a local bank for the development of its 27.5-megawatt solar power project in Bohol.

The company secured the financing from Rizal Commercial Banking Corp. (RCBC), PGEC said in a statement on Tuesday.

The loan will be used for the construction of the Dagohoy Solar Power Project (DSPP) in San Vicente and Sta. Cruz, Dagohoy, Bohol, which is targeted for completion by the fourth quarter.

“This is a significant milestone for PGEC as we accelerate and increase our renewable energy business and assets,” PGEC Senior Vice-President for Corporate Services Arlan P. Profeta said.

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

According to PGEC, the DSPP is expected to be the first large-scale solar power facility in Bohol and “will reduce the province’ dependency from power generation coming from outside the island province.”

The company has already completed the site clearing and development, and the installation of photovoltaic solar panels will begin soon.

“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,” RCBC Corporate Banking Group Head Elizabeth E. Coronel said.

PGEC is the renewable energy arm of publicly-listed PetroEnergy Resources Corp. (PERC) and is a joint venture with Kyuden International Corp., the overseas investment unit of Kyushu Electric Power of Japan.

For the third quarter, PERC reported an attributable net income of P167.95 million, up 51.3%. Gross revenues grew by 46.2% to P959.51 million.

At the local bourse on Tuesday, PGEC’s shares went up by P0.03 or 0.67% to close at P4.49 each. — Sheldeen Joy Talavera