Alternergy Secures PHP5.3-B Finance Facility From RCBC For Alabat Wind Power Project

Alternergy Holdings, through its unit Alabat Wind Power Corporation (AWPC), has secured a PHP5.3 billion project finance facility from Rizal Commercial Banking Corp. (RCBC) to partially fund its 64-megawatt (MW) Alabat Wind Power Project in Quezon Province.

The Alabat Wind Power Project is currently in the mobilization phase, with contracts awarded to global firms like Envision Energy, Guangdong Electric Power Design Institute Co. Ltd (GEDI), and Danish firm K2 Management. I Photo: Alternergy Facebook

The loan, the largest financing facility extended by RCBC to Alternergy, follows thorough due diligence.

Gerry P. Magbanua, President of Alternergy, expressed gratitude to RCBC for its trust and highlighted past successful projects funded by RCBC, including solar and multi-site solar rooftop projects.

Maria Carmen Diaz, CFO and Chief Sustainability Officer, noted that this financing is part of Alternergy's capital-raising activities under the Green Finance Framework, with PHP18.4 billion secured out of a PHP21 billion goal.

RCBC's Executive Vice President, Elizabeth E. Coronel, emphasized the long-term partnership with Alternergy and its commitment to a sustainable future.

The Alabat Wind Power Project is currently in the mobilization phase, with contracts awarded to global firms like Envision Energy, Guangdong Electric Power Design Institute Co. Ltd (GEDI), and Danish firm K2 Management.

The project, a winner of the Department of Energy's Green Energy Auction 2 Program, aims to add new generating capacity by the end of 2025, boosting the country's power supply.