Alternergy secures P1B financing for Bataan solar project

Alternergy Holdings Corp. has secured a P1 billion senior term loan from Rizal Commercial Banking Corp. (RCBC) to fund the construction of its 28 MW Balsik solar power project in Hermosa, Bataan. The loan will support the project’s ongoing development, with a completion target in the second half of 2025, according to Alternergy president Gerry Magbanua.

RCBC’s executive vice president Elizabeth Coronel emphasized the partnership’s long-term significance, as this financing aligns with Alternergy’s ambition to achieve a 500 MW renewable energy portfolio. The Balsik project contributes to RCBC’s growing support for sustainable energy ventures, reaffirming the decade-long collaboration between the two companies.

RCBC Capital Corp. acted as the lead arranger for the deal, with legal and technical advisory support from Picazo Law, Tavidell, AFRY Philippines, and Marsh Philippines.

This follows previous financing agreements, including P5.33 billion for Alternergy’s 64 MW Alabat wind project and funding for other solar and wind power initiatives across the country. By year-end, Alternergy expects to increase its renewable energy capacity to 311 MW.

Originally published: Context.ph