Alternergy gets P800M for Bataan solar farm

Windmills. Photo from Alternergy website

MANILA, Philippines — Renewable energy developer Alternergy Holdings Corp. has received an initial P800 million from its recent loan deal, which will support the construction of its solar facility in Bataan.

In a disclosure to the local bourse on Friday, the renewable energy producer said Rizal Commercial Banking Corporation (RCBC) had released the fresh funds to its unit Solana Solar Alpha Inc.

The funding is part of the P1-billion loan agreement it inked with the bank in January for the development of the Balsik Solar Power project. The facility is rated at 28 megawatt peak, its maximum potential output.

READ: Alternergy seals P1-B loan with RCBC to finance solar farm in Bataan

“We are grateful to RCBC for expediting the release of the first two funding tranches following our recent loan signing,” said Gerry Magbanua, president of Alternergy.

“The release of project funding from RCBC further boosts progress of our ongoing construction works,” the executive added.

The whole project, which is seen to finish within the first half, requires an investment of P1.4 billion.

RCBC has been backing the firm’s renewable energy buildup, including a P5.3-billion financing for its 64-MW Alabat Wind Power project. The lender likewise provided financial support to the Pililla Rizal Wind Power and Kirahon Solar Power projects.

500-MW goal

The Balsik solar farm is one of the clean energy projects of Alternergy under construction. By next year, the group hopes to build 500-MW capacity.

On Thursday, the group said it bagged from the Department of Energy a new onshore wind contract in Albay, which would stretch across several municipalities in the province.

Alternergy is seeing at least 150 MW potential wind capacity for the project.

“This is an exciting time for us as we are set to complete construction of our Tanay and Alabat Wind Power Projects this year, after which Alternergy will be moving forward with developing new wind projects,” said Knud Hedeager, president of Alternergy Wind Holdings Corp.

Alternergy is focused on wind, run-of-river hydro, solar farm and commercial rooftop, battery storage and offshore wind projects.