Alternergy Holdings Corp., a listed renewable energy, has secured two tranches of funding from Rizal Commercial Banking Corp. (RCBC) for its 28 megaWatt-peak Balsik Solar Power Project in Hermosa, Bataan. The total funding released so far RCBC amounts to P800 million of the P1 billion project finance facility, propelling the project’s progress.
“We are grateful to RCBC for expediting the release of the first two funding tranches following our recent loan signing,” said Alternergy president Gerry P. Magbanua. “The release of project funding from RCBC further boosts the progress of our ongoing construction works,” he added, highlighting the importance of timely financing in ensuring the project’s successful and efficient completion.
RCBC has been a key financing partner for Alternergy’s various renewable energy projects over the years, providing substantial project financing for projects like the 64 MW Alabat Wind Power Project, Pililla Rizal Wind Power Project, and several solar ventures. Over the past decade, RCBC has provided a total of P3.6 billion to support Alternergy’s renewable energy initiatives.
The Balsik Solar Power Project is part of Alternergy’s “Road to 500 MW” target by 2026. The project is slated for completion in the first half of 2025 and will contribute significantly to the company’s renewable energy capacity. Alternergy’s ongoing investments in solar and wind energy are poised to play a critical role in the Philippines’ energy transition and sustainability goals.
