PetroGreen Energy Corporation (PGEC) is nearing the commercial operation of its 19.6 MWDC San Jose Solar Power Project (SJSPP) in Nueva Ecija, following the successful signing of a PHP 498 million loan agreement to partially finance the project.
The financing deal was formalized on June 10 through an Omnibus Loan and Security Arrangement (OLSA) between San Jose Green Energy Corporation (SJGEC) and Rizal Commercial Banking Corporation (RCBC). RCBC acted as the lender, with RCBC Capital Corporation serving 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 already secured key regulatory milestones, having received its Final Certificate of Approval to Connect (FCATC) from the National Grid Corporation of the Philippines on April 14, 2025. Its Certificate of Compliance (COC) application was submitted to the Energy Regulatory Commission (ERC) the next day, with ERC technical personnel conducting an on-site inspection on June 11.
Once operational, SJSPP will be PGEC’s eighth utility-scale renewable energy installation and the third project financed by RCBC, following the 32 MW Maibarara geothermal facility and the 27 MWDC Dagohoy solar plant. The San Jose plant is projected to generate 27 GWh of clean energy annually and reduce approximately 18,900 tons of CO₂ emissions each year—further advancing the Philippines’ commitment to a low-carbon energy future.
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