Rizal Green Secures $8.8M Loan for Philippine Solar Park

• Rizal Green Energy secures PHP-498M loan to boost Philippines' clean energy with a 19.6-MW solar park, advancing sustainable infrastructure and reducing fossil fuel reliance.

Rizal Green Energy Corp (RGEC) has secured a PHP-498-million (USD 8.8 million/EUR 7.6 million) term loan to support the development of a 19.6-MWdc solar park in the Philippines. This financial backing will partially fund the construction of the renewable energy project, which aims to enhance the country's clean energy capacity.

The solar park is part of RGEC's efforts to contribute to the Philippines' renewable energy goals. The project underscores the growing investment in sustainable energy infrastructure in the region, reflecting a broader trend towards reducing reliance on fossil fuels and promoting environmental sustainability.

How will RGEC's new solar park impact the Philippines' renewable energy goals?

• Increased Renewable Energy Capacity: The 19.6-MWdc solar park will directly contribute to the Philippines' target of increasing its renewable energy capacity, helping to meet the government's goal of 35% renewable energy share in the power generation mix by 2030.
• Reduction in Carbon Emissions: By replacing fossil fuel-based power generation, the solar park will help reduce carbon emissions, aligning with the Philippines' commitment to the Paris Agreement and its Nationally Determined Contributions (NDCs).
• Energy Security and Independence: The development of local renewable energy sources like this solar park will enhance energy security and reduce dependence on imported fossil fuels, which can be subject to volatile prices and supply disruptions.
• Economic Growth and Job Creation: The construction and operation of the solar park are expected to create jobs and stimulate economic growth in the region, contributing to local development and providing new opportunities in the renewable energy sector.
• Technological Advancement and Innovation: The project may encourage further technological advancements and innovation in the renewable energy sector, fostering a more competitive and efficient energy market in the Philippines.
• Community and Environmental Benefits: The solar park will provide clean energy to local communities, potentially lowering electricity costs and improving air quality by reducing reliance on polluting energy sources.
• Catalyst for Further Investments: Successful implementation of the solar park could attract additional investments in renewable energy projects, encouraging both domestic and international investors to participate in the Philippines' energy transition.