RCBC funds PGEC PV project in Nueva Ecija with PHP 498 million

Philippines-based Rizal Commercial Banking Corp. (RCBC) has provided PHP 498 million (~$8.642 million) in funding to PetroGreen Energy Corp. (PGEC). The funding will support the 19.6 MW San Jose Solar Power Project in Nueva Ecija. It is being built by San Jose Green Energy Corp. This company is a subsidiary of Rizal Green Energy Corp. Rizal Green Energy Corp. is a joint venture of PGEC and Taisei Corp. The project was waiting for final regulatory approval before starting operations. In April, PGEC secured the final certificate of approval to connect with the transmission operator. The company has also applied for a certificate of compliance with the Energy Regulatory Commission. The solar project is expected to produce 27 GWh of electricity annually. It is also expected to reduce 18,900 tons of carbon emissions each year.