YUCHENGCO-LED PetroGreen Energy Corp. had secured a loan facility for its 27.5-megawatt Dagohoy Solar Power Project (DSPP) in Dagohoy, Bohol.

PetroGreen said the loan from Rizal Commercial Banking Corp. (RCBC) and provide P834 million of capital for the project, which is targeted to be completed by the fourth quarter of this year.

"This is a significant milestone for PetroGreen as we accelerate and increase our renewable energy business and assets," PetroGreen Senior Vice President Arlan Profeta said in a statement.

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

The DSPP is expected to help reduce Bohol's dependence on power from sources elsewhere. Site clearing has been completed, and the installation of solar panels will start soon.

"Working with PetroGreen 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 environment and society," Elizabeth Coronel, RCBC Corporate Banking Group head, said.

"We are happy to partner with them in our joint journey toward greening the Philippines," she added.

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