Rizal Commercial Banking Corp. (RCBC) is lending ₱2.28 billion to an Ayala-led renewable energy venture to partly fund a 75-megawatt solar project in Pangasinan.
The Yuchengco Group-led bank signed an Omnibus Loan and Security Agreement with ACEN Corp. and renewable energy developer Yanara through Renovable Earth Corp. for the Sual Solar project.
The project is Yanara’s first in the Philippines with ACEN and is being developed under the government’s fourth Green Energy Auction Program.
RCBC is the sole lender, with RCBC Capital Corp. acting as mandated lead arranger and RCBC Trust Corp. as facility agent and security trustee.
“This financing is a strong vote of confidence in our partnership with Yanara and in the long-term growth of renewable energy in the Philippines,” ACEN Group Chief Investment Officer Patrice Clausse said.
Yanara CEO Jerome Ortiz said the financing marked a milestone in the company’s partnership with ACEN and would help advance the project.
Once operational, Sual Solar is expected to generate about 112 gigawatt-hours of renewable electricity annually, enough to supply around 60,000 homes, while avoiding about 86,000 metric tons of carbon dioxide emissions each year.
