PH Renewables, Inc. (PHRI) successfully secured a loan facility with an aggregate principal amount of up to Php2.65 billion from Rizal Commercial Banking Corporation. The proceeds of the 15-year term loan will be used for the development and construction of PHRI’s 75 megawatt-alternating-current (MWac) solar plant located in Baras, Rizal, Philippines. With the goal of starting commercial operations in 2023, the plant will supply renewable energy to nearby areas through MPower, the local retail electricity supplier of the Meralco. This project is yet another building block in creating a greener and more sustainable energy landscape in the Philippines.
The PunoLaw finance team that negotiated for PHRI was led by partners Jon Serrano and Debbie Acosta-Cajustin and included associates Cris Bernardino, Rica Gamboa and Ariadne Villanueva.