The Yuchengco Group has secured P635.9 million in financing from its financial services arm Rizal Commercial Banking Corp. (RCBC) for its battery storage project in Capiz, Philstar Biz reported.
The project, a battery energy storage system (BESS), is part of the conglomerate's push into renewable energy infrastructure. RCBC's financing will support the development and deployment of the storage facility, which is expected to enhance grid stability and integrate more intermittent renewable sources like solar and wind in the region.
The deal underscores the growing interest of Philippine banks in funding energy transition projects. RCBC, led by Yuchengco Group chairman Helen Yuchengco-Dee, has been increasingly active in sustainable finance, aligning with the country's renewable energy targets.