PetroGreen bags P636-M RCBC loan

MANILA, Philippines – PetroGreen Energy Corp. (PGEC) has secured a P635.9-million project finance facility from Rizal Commercial Banking Corp. (RCBC) to help fund its first battery energy storage project in Capiz.

On Friday, PetroEnergy Resources Corp. said its subsidiary EcoSolar Energy Corp. (ESEC) signed an omnibus loan and security agreement with RCBC to partially finance the 20-megawatt (MW)/40-MW-hour battery energy storage system (BESS) in Panitan, Capiz.

READ: PetroGreen Energy secures ECC for 98-MW solar park

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RCBC Capital Corp. served as lead arranger while RCBC Trust Corp. acted as facility agent and security trustee.

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Done by August

Construction of the Panitan BESS is now in full swing and is expected to be completed by August 2026, with testing and commissioning scheduled to begin in September 2026.

The company said the project will also mark the first deployment in the Philippines of the Huawei Luna2000-5015-2S battery, which it expects to set a benchmark for future battery energy storage installations in the country.

“EcoSolar’s Panitan BESS project is being developed to help strengthen the stability and reliability of the Panay sub-grid,” said PGEC senior vice president Maria Victoria M. Olivar.

For RCBC, the financing supports the wider adoption of battery energy storage technology, which it said can help address the country’s long-standing energy challenges by stabilizing the grid, managing the intermittent nature of renewable energy and reducing reliance on fossil fuels.

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Elizabeth Coronel, head of RCBC’s Institutional Banking Group, said the bank aims to support projects that can mitigate rolling blackouts while helping provide Filipino households and businesses with a more reliable, resilient and affordable power supply.

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First battery system

The Panitan project is PGEC’s first BESS venture and the fourth project financed by RCBC and arranged by RCBC Capital over the past three years. Both companies are members of the Yuchengco Group of Companies.

ESEC, the renewable energy firm’s special purpose company, is also developing the planned 90-MW direct current Panitan Solar Power Project in Capiz, complementing the battery storage facility as PGEC expands its renewable energy portfolio. INQ

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