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Manila Bulletin devider Business devider The Stock Market devider Alternergy's Balsik solar project in Bataan secured with P1-billion RCBC loan

Alternergy's Balsik solar project in Bataan secured with P1-billion RCBC loan

Published Jan 16, 2025 06:47 am

Renewable energy firm Alternergy Holdings Corp. announced that it has secured financing for its Balsik Solar Power Project in Hermosa, Bataan.

In a disclosure to the Philippine Stock Exchange (PSE) on Thursday, Jan. 16, Alternergy said that its unit Solana Solar Alpha Inc. (SSAI) obtained a P1 billion loan facility from Rizal Commercial Banking Corporation (RCBC).

The funds will be used for the construction of the 28 megawatt-peak (MW) solar project.

This latest loan brings RCBC's total financing for Alternergy to P3.65 billion over the past decade. This includes P5.33 billion committed last year for the 64 MW Alabat Wind Power Project, which is nearing financial close.

RCBC financed Alternergy's Pililia Wind Power Project in 2014, the Kirahon Solar Power Project in 2015, and various commercial rooftop solar projects in 2018.

Gerry P. Magbanua, Alternergy president, said the agreement will further accelerate the company's delivery of clean energy projects.

“We have signed the Omnibus Loan and Security Agreement for our Balsik Solar Power Project. This is a testament to the perseverance and teamwork between Alternergy and RCBC to deliver sustainable energy projects,” he said.

“The financing from RCBC further advances the ongoing construction of the Balsik Solar Power Project, which we aim to complete by the early second half of this year,” he added.

Elizabeth Coronel, executive vice president and head of the institutional banking group of RCBC, shared that their support will help Alternergy reach its target of 500 MW capacity.

“The Balsik Solar Power Project adds to RCBC’s growing list of projects we have supported. More importantly, this further solidifies the longstanding partnership between Alternergy and RCBC over the past decade and reaffirms our commitment to sustainability,” she said.

According to Alternergy, RCBC Capital Corporation was the lead arranger for the loan agreement; Picazo Buyco Tan Fider and Santos served as the lender’s counsel, and Tantoco Villanueva & De Guzman Law acted as the borrower’s counsel.

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