Alternergy secures P3.25-B loan for wind project

Alternergy secures new loan for expansion. INQUIRER.net stock images

MANILA, Philippines – Renewable energy-focused Alternergy Holdings Corp. has received new capital worth P3.25 billion that would help accelerate the construction of its 64-megawatt (MW) wind farm in Luzon.

In a filing before the local bourse on Monday, the company said the amount was part of the P5.3-billion loan deal it inked with Rizal Commercial Banking Corp. (RCBC).

“We are grateful to RCBC for this initial release of project funding for our Alabat Wind Project, coming soon after RCBC’s release last month of P800 million for our Balsik Solar project,” said Gerry Magbanua, president of Alternergy.

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

RCBC has been a partner of Alternergy in its clean energy expansion, with the former extending funds for several of its projects, including the Pililla Rizal Wind Power and Kirahon Solar Power projects.

For this round of loan agreement, the company said Puyat Jacinto & Santos Law served as the lender’s counsel and Tantoco Villanueva & De Guzman Law Offices as the borrower’s counsel.

P7.1-B investment

The project requires an investment of P7.1 billion, with the balance to be internally funded.

Being developed in Quezon, it is poised to be the province’s first wind farm. It is expected to be completed by the end of the year.

Alternergy also noted the Alabat wind facility could be the first wind project to be activated under the government’s second green energy auction project.

With a target to hit 500 MW capacity by 2026, the group said it would continue its “robust expansion,” which includes the Alabat wind development as one of five clean energy projects under construction.

In March, it bagged from the Department of Energy a new onshore wind contract in Albay, which would stretch across several municipalities in the province. Alternergy was seeing at least 150 MW of potential wind capacity for the project.

The company has a portfolio of different renewable energy technologies, such as wind, run-of-river hydro, solar farm and commercial rooftop, battery storage and offshore wind. INQ