Renewable energy pioneer Alternergy Holdings Corp., through its subsidiary Alabat Wind Power Corp., has received ₱3.26 billion in funding from Rizal Commercial Banking Corp. (RCBC) for its flagship 64-megaWatt (MW) wind farm in Quezon province.
RCBC released the amount as part of a larger ₱5.3 billion project finance facility. This follows a drawdown of ₱800 million last month from the loan RCBC provided for Alternergy’s Balsik Solar Project.
Alaternery president Gerry P. Magbanua expressed gratitude for the loan release, which is a significant step forward for what is set to be the first wind power development along the Pacific coastline and first in Quezon.
Construction on Alabat Island is well underway, with completion targeted by the end of 2025. The project could become the first to be completed under the Department of Energy’s 2nd Green Energy Auction Program launched in July 2023.
The Alabat Wind Project is one of five renewable energy projects currently under construction as part of ALTER’s “Road to 500 MW” initiative, which aims to bring the company’s total capacity to 500 MW by 2026. The project further cements Alternergy’s commitment to advancing clean energy and contributing to the Philippines’ energy transition goals.
