PH RENEWABLES, Inc. (PHRI) has secured a P2.65-billion loan from Rizal Commercial Banking Corp. (RCBC) to fund the construction of its 75-megawatt-alternating current (MWac) solar project in Baras, Rizal.
“We welcome having like-minded partners like Mitsui and RCBC in advancing the expansion of renewable energy projects in the country,” said Jaime T. Azurin, president and chief executive officer of Meralco PowerGen Corp. (MGen), the power generation arm of Manila Electric Co. (Meralco), in a press release on Wednesday.
MGen said that the loan is a 15-year term project, with RCBC Capital Corp. as the arranger.
PHRI’s power plant is scheduled to commence commercial operation within the first quarter of 2023. It will supply renewable energy to MPower, the local retail electricity arm of Meralco.
PHRI is a joint venture between MGen Renewable Energy, Inc. or MGreen, the renewable energy subsidiary of MGen, and Mitsui & Co., a subsidiary of Mit-Renewables Philippine Corp.
“We are fully committed to building a greener future by actively funding renewable energy projects, consistent with our sustainability initiatives,” said RCBC President and CEO Eugene S. Acevedo.
Mr. Azurin said the project will take part in reaching Meralco’s target of building 1,500 MW of renewable energy over the next seven years.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose