Renewable energy pioneer Alternergy Holdings Corporation (ALTER), through its subsidiary Solana Solar Alpha, Inc. (SSAI), has successfully secured Php 800 million in funding from Rizal Commercial Banking Corporation (RCBC) for the development of its 28 MWp Balsik Solar Power Project in Hermosa, Bataan. This amount is part of the Php 1 billion project finance facility arranged with RCBC.
“We extend our gratitude to RCBC for expediting the release of the initial funding tranches following the recent loan agreement signing,” said Alternergy President Gerry P. Magbanua. “This funding further accelerates the progress of our ongoing construction efforts,” he added.
The Balsik Solar Power Project represents the latest collaboration between Alternergy and RCBC, a longstanding financial partner that has been instrumental in driving ALTER’s renewable energy initiatives. Over the past decade, RCBC has financed Php 3.6 billion for Alternergy’s renewable projects, including the 64 MW Alabat Wind Power Project, Pililla Rizal Wind Power Project (2014), Kirahon Solar Power Project (2015), and a portfolio of commercial rooftop solar ventures (2018).
Currently one of five renewable energy projects under development, the Balsik Solar Power Project forms a critical part of ALTER’s ambitious plan to achieve 500 MW of renewable energy capacity by 2026. With an expected completion date set for the first half of 2025, the project marks a significant step forward in Alternergy’s goal to expand its portfolio, which includes wind, solar, run-of-river hydro, battery storage, and offshore wind initiatives.
Alternergy is steadfast in its commitment to renewable energy, with plans to develop up to 500 MW of additional capacity across wind, solar, and run-of-river hydro projects in the coming years.
