Renewable power pioneer Alternergy Holdings Corp. said its indirect subsidiary Alabat Wind Power Corp. has secured a P5.3 billion project finance loan from Rizal Commercial Banking Corp.
The project financing, arranged by RCBC Capital Corp., will support the construction of the 64-megaWatt Alabat Wind Power Project located in the towns of Alabat and Quezon in Quezon province.
Alabat Wind is a wholly-owned subsidiary of Alternergy Wind Holdings Corp., which serves as the wind sub-holding company fully owned by Alternergy.Alternergy president Gerry P. Magbanua noted that the P5.3 billion loan, which aligns with the company’s green finance framework, marks the largest financing facility extended by RCBC to the Alternergy Group since 2014.
RCBC has been instrumental in financing Alternergy’s previous projects, including the 12.5 MWp Kirahon Solar Power Project in Misamis Oriental and the Solar Pacific CitySun multi-site solar rooftop projects. The partnership extends beyond Philippine borders, with RCBC Trust Corp. supporting Alternergy’s solar photovoltaic and battery energy storage system project in the Republic of Palau.
Maria Carmen Diaz, Alternergy chief financial officer and chief sustainability officer, said Alternergy has so far secured P18.4 billion out of a P21 billion capital raising program, with additional financial closings anticipated soon to expedite the company’s project portfolio expansion to 500 MW by 2026.
Ground mobilization for the Alabat Wind Power Project is currently underway following the groundbreaking ceremony in early May. Envision Energy, a global technology leader, has been awarded the wind turbine supply contract, while the construction contract was awarded to China Energy Engineering Group Guangdong Electric Power Design Institute Co. Ltd.
Danish technical consulting firm K2 Management has been appointed as the project’s owner’s engineer to ensure the successful and timely completion.
As a successful participant in the Green Energy Auction 2 Program of the Department of Energy, the Alabat Wind Power Project is poised to contribute new and additional generating capacity by the end of 2025, bolstering the country’s power supply availability.
A series of yellow and red alerts issued by the National Grid Corp. underscores the thin energy supply, particularly in the Luzon Grid.
