Alternergy’s Alabat Wind Project receives Php 3.3 billion drawdown from RCBC

Renewable power pioneer Alternergy Holdings Corporation (ALTER), through its unit Alabat Wind Power Corporation, has received Php 3.3 billion funding from its project lender Rizal Commercial Banking Corporation (RCBC).

RCBC has just released Php 3.3 billion out of the Php 5.3 billion project finance facility for the 64 MW Alabat Wind Project.

“We are grateful to RCBC for this initial release of project funding for our Alabat Wind Project, coming soon after RCBC’s release last month of Php800 million for our Balsik Solar project,” said Gerry P. Magbanua, president of ALTER.

Mr. Magbanua also expressed appreciation to Puyat Jacinto & Santos Law (PJS) which acted as Lender’s Counsel and Tantoco Villanueva & De Guzman Law Offices (Tavidell) as Borrower’s Counsel including AFRY Philippines, Inc. (AFRY) as Lender’s Technical Advisor and AON as Borrower’s Insurance Broker for the assistance in ensuring successful drawdown.

The 64 MW Alabat Wind Project is the first wind project in the country located along the Pacific Ocean coastline and is the first wind project being erected in Quezon Province.  Construction works is way underway on the island of Alabat, with target completion by the end of 2025, possibly the first wind project to be completed under the 2nd Green Energy Auction Program undertaken by the Department of Energy in July 2023.

The Alabat Wind Project is one of five renewable energy projects under construction by Alternergy towards ALTER’s Road to 500 MW capacity target by 2026.