Alternergy Holdings Corporation has acquired a Php 1-billion project finance senior term loan facility from Rizal Commercial Banking Corporation (RCBC) to finance the construction of its 28-megawatt peak (MWp) Balsik Solar Power Project situated in Hermosa, Bataan.
In a regulatory filing, Solana Solar Alpha, Inc. (SSAI), the firm’s unit, disclosed that the project financing was guaranteed by Rizal Commercial Banking Corporation (RCBC).
Alternergy is actively developing a range of renewable energy projects, including wind, run-of-river hydro, solar farms, commercial rooftop installations, battery storage, and offshore wind projects.
Additionally, the firm is looking to develop an additional 500 megawatts (MW) of wind, solar, and hydro projects within the next two years.
“We have signed the Omnibus Loan and Security Agreement for our Balsik Solar Power Project. This is a celebration of perseverance and teamwork between Alternergy and RCBC to deliver sustainable energy projects,” said Alternergy president Gerry P. Magbanua.
Meanwhile, RCBC executive vice president and institutional banking group head, Elizabeth Coronel, emphasized the bank’s commitment to supporting renewable energy initiatives.
“The Balsik Solar Power Project adds to RCBC’s growing list of projects we have supported. More importantly, this further solidifies the longtime partnership between Alternergy and RCBC over the past decade and reaffirms our commitment to sustainability,” said Coronel.
RCBC has been a key financial partner for Alternergy, providing Php 3.65 billion in financing over the past 10 years. The bank recently committed an additional Php 5.33 billion for Alternergy’s 64-MW Alabat wind power project, pending financial closure. RCBC also financed Alternergy’s Pililla wind power project in 2014, the Kirahon solar power project in 2015, and its portfolio of commercial rooftop solar projects in 2018.
The Balsik Solar Power Project, with a total project cost of Php 1.374 billion, highlights the strategic partnership between Alternergy and RCBC.
RCBC Capital Corporation served as the lead arranger, with Picazo Buyco Tan Fider and Santos (Picazo Law) acting as the lender’s counsel, and Tantoco Villanueva & De Guzman Law Offices (Tavidell) as the borrower’s counsel. AFRY Philippines Inc. provided technical advisory services, while Marsh Philippines Inc. served as the insurance advisor.
Stay updated as Alternergy takes significant strides toward sustainable energy, bringing more renewable power projects to life and contributing to the country’s clean energy future.
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