Alternergy Holdings Corporation (ALTER), a recognized leader in the Philippine renewable energy sector, has successfully secured PhP 3.256 billion in funding from Rizal Commercial Banking Corporation (RCBC). This significant financial boost, channeled through Alternergy’s subsidiary, Alabat Wind Power Corporation (AWPC), will propel the development of the landmark 64-megawatt Alabat wind project.
Gerry P. Magbanua, President of ALTER, expressed his gratitude, stating, “We deeply appreciate RCBC’s commitment, demonstrated by this initial release of project funding for our Alabat Wind Project. This follows their PhP 800 million investment last month in our Balsik Solar project, highlighting their strong support for our renewable energy initiatives.”
Mr. Magbanua also acknowledged the crucial roles played by various advisors in facilitating the successful funding drawdown. He extended appreciation to Puyat Jacinto & Santos Law (PJS), the lender’s counsel; Tantoco Villanueva & De Guzman Law Offices (Tavidell), the borrower’s counsel; AFRY Philippines, Inc. (AFRY), the lender’s technical advisor; and AON, the borrower’s insurance broker.
The Alabat Wind Project holds the distinction of being the Philippines’ first wind farm situated along the Pacific Ocean coastline and marks the inaugural wind energy development in Quezon Province. Construction is actively progressing on Alabat Island, with the project slated for completion by the end of 2025. It has the potential to be among the first wind projects completed under the Department of Energy’s 2nd Green Energy Auction Program, conducted in July 2023.
This ambitious wind project is a key component of Alternergy’s “Road to 500 MW” initiative, which aims to achieve a total renewable energy capacity of 500 megawatts by 2026 across five ongoing projects.
Alternergy stands as a pioneering force in the Philippine renewable power landscape, boasting a diverse portfolio of project companies focused on various clean energy technologies. These include wind, run-of-river hydro, solar farms, commercial rooftop installations, battery storage solutions, and offshore wind projects. With aggressive expansion plans over the next two years, Alternergy is strategically positioned to develop up to 500 MW of additional capacity through wind, solar, and run-of-river hydro projects, further solidifying its commitment to a sustainable energy future for the Philippines.
