Alternergy Holdings Corporation (ALTER), through its subsidiary Solana Solar Alpha, Inc. (SSAI), has secured Php 800 million in project funding from Rizal Commercial Banking Corporation (RCBC) to advance the construction of the 28 megawatt peak (MWp) Balsik Solar Power Project in Hermosa, Bataan.
In a regulatory filing, Alternergy said that the funding will support the ongoing development of the solar power project, which is part of ALTER’s push to expand renewable energy capacity in the country
The amount represents two tranches of a Php 1 billion project finance facility signed between ALTER and RCBC.
ALTER President Gerry P. Magbanua said the financial backing from RCBC is accelerating construction progress and ensuring the project stays on schedule. He noted that the funding is a crucial step in meeting the company’s renewable energy goals.
“We are grateful to RCBC for expediting the release of the first two funding tranches following our recent loan signing,” said Alternergy president Gerry P. Magbanua.
The Balsik Solar Power Project is one of five renewable energy projects ALTER is developing as part of its “Road to 500 MW” target by 2026. It is expected to be completed in the first half of 2025 and will contribute to the country’s transition to clean energy sources.
Meanwhile, RCBC has been a long-term financing partner of ALTER, having previously funded the company’s Pililla Rizal Wind Power Project in 2014, the Kirahon Solar Power Project in 2015, and a portfolio of commercial rooftop solar projects in 2018. More recently, RCBC provided Php 5.3 billion in financing for ALTER’s 64 megawatts (MW) Alabat Wind Power Project.
As the Balsik Solar Power Project moves toward completion, stakeholders remain focused on ensuring its success as part of the broader effort to boost the Philippines’ renewable energy capacity.
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