In a major stride for renewable energy development in the Philippines, Alternergy Holdings Corporation (ALTER) has secured a PHP 3.256 billion drawdown from Rizal Commercial Banking Corporation (RCBC) to advance construction of its pioneering 64 MW Alabat Wind Project—Quezon Province’s first wind installation and the country’s first along the Pacific coastline.
This latest round of funding received by the renewable energy firm, through its subsidiary Alabat Wind Power Corporation, marks the initial release of a PHP 5.3 billion project finance facility earmarked for the 64 MW Alabat Wind Project.
“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 PHP 800 million for our Balsik Solar project,” said ALTER president Gerry P. Magbanua.
Construction is now underway on Alabat Island, Quezon Province, with completion targeted by the end of 2025. Once operational, it is expected to be the first project completed under the Department of Energy’s second Green Energy Auction Program held in July 2023.
The Alabat Wind Project is one of five renewable energy projects Alternergy is building as part of its “Road to 500 MW” campaign, aiming to reach 500 MW total capacity by 2026.
Legal and technical advisors for the transaction include Puyat Jacinto & Santos Law (Lender’s Counsel), Tantoco Villanueva & De Guzman (Borrower’s Counsel), AFRY Philippines, Inc. (Lender’s Technical Advisor), and AON (Borrower’s Insurance Broker).
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