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Yuchengco-led PetroGreen Energy Corp. has secured up to ₱1.24 billion in financing from Rizal Commercial Banking Corp. (RCBC) to support the development of its Limbauan Solar Power Project in San Pablo, Isabela, as the renewable energy developer expands its presence in Luzon.
PetroGreen, through subsidiaries Rizal Green Energy Corp. and BKS Green Energy Corp. (BKSGEC), signed an omnibus loan and security agreement with RCBC for the 40-megawatt direct current (MWdc) solar project.
The ₱1.9-billion project is being developed in two phases. The first phase has a capacity of 6 MWdc and has secured a power supply agreement with Isabela II Electric Cooperative.
The second phase, with a capacity of 33.83 MWdc, was awarded a long-term fixed tariff under the Department of Energy’s second Green Energy Auction Program (GEAP-2).
The project is also moving forward with the grid infrastructure needed to deliver power to the Luzon grid. The Energy Regulatory Commission (ERC) recently authorized BKSGEC to develop and own a dedicated point-to-point transmission facility for Phase 2.
Grid Connection
The dedicated facility will connect the solar project to the National Grid Corp. of the Philippines’ (NGCP) transmission network through the 69-kilovolt Tuguegarao-Cabagan transmission line.
The infrastructure will include a 13.2/69-kV take-off substation equipped with a 30/32-megavolt ampere transformer, protection and telecommunications equipment, a 4.4-kilometer single-circuit 69-kV transmission line and a 69-kV switching station.
The grid connection is expected to allow the Phase 2 facility to deliver its generation to the Luzon power system as the government continues to add renewable capacity through competitive auctions.
“The Limbauan Solar Power Project represents another significant step in expanding PGEC’s renewable energy portfolio and supplying clean, sustainable electricity to the Luzon grid and local electric cooperatives,” PetroGreen Vice-President for Corporate Services Arlan P. Profeta said.
RCBC Institutional Banking Group Head Elizabeth E. Coronel said financing the project supports the bank’s sustainable finance strategy and the country’s energy transition.
“Supporting clean energy projects like the Limbauan Solar Power Project aligns with RCBC’s core commitment to driving sustainable finance and accelerating the nation’s energy transition,” Coronel said.
PetroGreen said the project will use 52,640 solar panels supplied by China-based Trina Solar Co. Ltd. Once completed, the facility is expected to generate as much as 59 gigawatt-hours of electricity annually and avoid about 31,700 metric tons of carbon dioxide emissions.
The Department of Energy has certified the Limbauan project as an energy project of national significance.
Operating Track Record
The project has already begun contributing to the power system. Since it started exporting electricity in December 2025, the Limbauan facility has generated 40,500 megawatt-hours of electricity, which PetroEnergy said was equivalent to the cumulative power requirements of about 200,000 households.
The project has also avoided an estimated 28,232 tons of carbon emissions.
Construction provided employment and training opportunities in the host area, with as many as 650 workers contracted or trained during 2025. Most were from San Pablo and nearby municipalities in Isabela.
BKSGEC is the wholly owned operating subsidiary of Rizal Green Energy, a joint venture between PetroGreen and Japan’s Taisei Corp.
PetroGreen, the renewable energy arm of listed PetroEnergy Resources Corp., has expanded beyond solar into geothermal and wind power. It currently operates four utility-scale solar projects in Tarlac, Bohol and Nueva Ecija, with four additional projects in its pipeline.
The new RCBC financing comes after the group secured ₱826 million from the bank late last year for its 25-MW Bugallon Solar project in Pangasinan, reflecting continued lender support for the company’s renewable energy expansion.
With the Limbauan project combining additional solar capacity with dedicated transmission infrastructure, PetroGreen is positioning the Isabela development to contribute more renewable power to the Luzon grid while building its broader clean energy portfolio.
Source:
https://business.inquirer.net/614530/petrogreen-energy-seals-p1-24-b-loan-for-isabela-solar-project
https://tribune.net.ph/2026/10/05/erc-clears-grid-link-for-isabela-solar