To push through with solar developments in Bataan, renewable energy (RE) firm Alternergy Holdings Corp. announced that its subsidiary secured project funding from Rizal Commercial Banking Corp. (RCBC).
In a disclosure to the Philippine Stock Exchange on Friday, March 28, Alternergy said its unit Solana Solar Alpha Inc. (SSAI) has received ₱800 million out of the ₱1-billion project finance facility for the 28 megawatt-peak (MWp) Balsik solar power project.
Once completed in the first half of this year, Balsik solar project will be one of the five RE projects included in the firm’s 500-MW capacity target by 2026.
The solar project located in Hermosa, Bataan, initially received ₱1-billion worth of project finance senior term loan last January from RCBC, which has been the company’s key financial partner over the past decade.
Gerry P. Magbanua, president of Alternergy, commended the Yuchengco-led bank for its continued commitment to the energy firm, adding that, “The release of project funding from RCBC further boosts progress of our ongoing construction works.”
RCBC has also financed the 64-MW Alabat wind power project with a value of ₱5.3 billion, and other projects such as Pililia Rizal wind power project in 2014, Kirahon solar power project in 2015, and other commercial rooftop solar projects in 2018.
Recently, the company’s wind unit received the certificate of authority (COA) from the Department of Energy (DOE) for its Albay wind power project, which will be converted into a 25-year wind energy service contract once feasibility studies conclude its viability.
The Albay wind project is projected to bring in 150-MW capacity in a 6,318-hectare (ha) land spanning across several municipalities.
Aside from these recent developments, Alternergy has other RE projects in run-of-river hydropower, battery storage, as well as offshore wind.