Alternergy seals P1-B loan with RCBC to finance solar farm in Bataan
INQUIRER FILES
Listed Alternergy Holdings Corp. sealed a P1-billion loan agreement with Rizal Commercial Banking Corp. (RCBC) to finance its solar farm in Hermosa, Bataan.
In a disclosure Thursday, the renewable energy producer said the funds would support the construction of its Balsik Solar Power project, which is rated at 28 megawatt peak—its maximum potential output.
The company said the project cost is estimated at P1.374 billion.
READ: Alternergy now owns 3 offshore wind projects
“The financing from RCBC further advances the ongoing construction of the Balsik Solar Power Project as we aim to complete by the early second half of this year,” Gerry Magbanua, president of Alternergy said.
RCBC Capital Corporation acted as the lead arranger for the transaction. Picazo Buyco Tan Fider and Santos acted as the lender’s counsel and Tantoco Villanueva & De Guzman Law Offices acted as the borrower’s counsel. AFRY Philippines, Inc. served as the lender’s technical advisor and Marsh Philippines, Inc. served as the lender’s insurance advisor.
RCBC has been backing Alternergy’s projects for the past decade, shelling out about P3.65 billion.
In 2024, both parties also inked another financing deal worth P5.33 billion for Alternergy’s 64-megawatt MW Alabat Wind Power Project. This agreement, however, has yet to reach financial close.
Last September, Magbanua said the group was looking at raising an additional P15 billion to support its goal of activating an additional 200 MW of renewable capacity.
Currently, it has 11 operating assets with a total combined capacity of 86MW. By 2025, 225MW more capacity would be added from completing four other developments.
It hopes to build up to 500MW of additional clean energy projects by 2026.
Alternergy’s portfolio includes wind, run-of-river hydro, solar farm and commercial rooftop, battery storage, and offshore wind projects.
The official also expressed interest in participating in the government’s new waves of clean energy bidding, particularly Green Energy Auction (GEA) 3 and 4.
The GEA Program seeks to boost the government’s goal of increasing renewable energy’s share in the power generation mix to 35 percent by 2030, from 22 percent at present.
