Alternergy secures P5.3B for Alabat wind project

MANILA, Philippines —Renewable energy developer Alternergy Holdings Corp. got a boost for its expansion push as it secured a P5.3-billion loan from Rizal Commercial Banking Corp. (RCBC) for its wind project in Quezon province.

Alternergy obtained the financing through its subsidiary Alabat Wind Power Corp. (AWTC), the proponent of the 64-megawatt (MW) Alabat Wind Power Project situated on the island of the same name.

“We are very pleased to finally sign the loan agreement for the project finance facility for our Alabat Wind Power Project after a very thorough due diligence period against a very tight timeline. RCBC’s continued support speaks of the growing partnership between Alternergy and RCBC,” Alternergy president Gerry Magbanua said in a statement.

READ: Alternergy wind project allowed grid linkup

Elizabeth Coronel, executive vice president and head of the lender’s corporate banking group, said RCBC has supported renewable energy projects, creating innovative financing solutions even for previous undertakings.

The latest loan amount is the largest financing facility extended by RCBC to Alternergy since 2014.

RCBC bankrolled other renewable energy projects of Alternergy, including the 12.5-MW Kirahon Solar Power Project in Misamis Oriental province and the Solar Pacific CitySun multi-site solar rooftop projects atop the building roofs of CityMalls.

The Alabat wind facility is one of the renewable projects in Alternergy’s pipeline. Ground mobilization for the project is ongoing.

Chinese multinational firm Envision Energy bagged the wind turbine supply contract while China Energy Engineering Group Guangdong Electric Power Design Institute Co. Ltd. and its Philippine subsidiary GEDI Construction Development Corp. clinched the construction contract.

Also, the Alabat wind project secured a deal to supply cleaner energy via the DOE’s second Green Energy Auction Program, slated for completion by end-2025.

Also, Alternergy announced the acquisition of a 74.99-percent stake in Olympia Solar Power Corp. for P74,999.