San Jose Green Energy Corp. (SJGEC), a subsidiary of Rizal Green Energy Corp. (RGEC), recently signed a P498 million term loan facility with Rizal Commercial Banking Corp. (RCBC) as lender for its 19.6-megawatt San Jose Solar Power Project (SJSPP) in Nueva Ecija.
RGEC is a joint venture of the Yuchengco-led PetroGreen Energy Corp. (PGEC) and Japan’s Taisei Corp.
“This milestone underscores the shared commitment of PGEC and RCBC, both Yuchengco Group of Companies (YGC) members, in increasing the country’s power supply, advancing sustainable energy and fostering a greener future for the Philippines,” the parties said in a statement.
SJGEC also tapped RCBC Capital Corp. as lead arranger and RCBC Trust Corp. as facility agent and security trustee for SJSPP.
Leading the signing ceremony on June 10 were SJGEC president Francisco Delfin Jr. and RCBC executive vice president Elizabeth Coronel.
The SJSPP is in its final stages of regulatory approval prior to commercial operations, having achieved significant milestones.
On April 14, the project received its final certificate of approval to connect (FCATC) from the National Grid Corp. of the Philippines and submitted its application for the project’s certificate of compliance (COC) with the Energy Regulatory Commission (ERC) on April 15.
ERC technical personnel conducted a technical inspection of SJSPP’s facilities and operations on June 11 as part of the COC requirement.
Upon the issuance of the COC, the SJSPP will be PGEC’s eighth utility-scale renewable energy facility and the third project financed by RCBC after the 32 MW Maibarara geothermal plant and the 27 MW Dagohoy solar plant.
SJSPP is expected to generate an average of 27 gigawatt-hours of electricity annually and displace at least 18,900 tons of carbon dioxide emissions each year.
