Alternergy Holdings Corporation secured a Php 5.3 billion loan from Rizal Commercial Banking Corporation (RCBC) to fund its wind project in Quezon province.
In a report by Manila Standard, the firm secured the funding via its subsidiary, Alabat Wind Power Corporation (AWTC), which oversees the 64 megawatt (MW) Alabat Wind Power Project.
Alternergy president Gerry Magbanua said that the corporation was glad to have signed the loan agreement for the project. Since 2014, this most recent loan amount represents the highest financial arrangement that RCBC has provided to Alternergy.
Other Alternergy renewable energy projects, such as the 12.5 MW Kirahon Solar Power Project in the Misamis Oriental province and the Solar Pacific CitySun multi-site solar rooftop installations are funded by RCBC.
Additionally, the Alabat project secured a deal to supply cleaner energy through the DOE’s second Green Energy Auction Program, with its completion scheduled for the end of 2025.
Chinese multinational Envision Energy has been awarded the contract to supply wind turbines, while the construction contract has been granted to China Energy Engineering Group Guangdong Electric Power Design Institute Co. Ltd. and its Philippine subsidiary, GEDI Construction Development Corporation.
