Alternergy bags $90.3m loan for 64 MW wind project

The loan will be provided by Rizal Commercial Banking Corporation.

Alternergy Holdings Corporation, through its subsidiary Alabat Wind Power Corporation, secured a $90.3m (PHP5.3b) finance facility to partially fund the development of its 64-megawatt  wind power project.

In a statement, Alternergy said it secured the project financing from Rizal Commercial Banking Corporation (RCBC).

This is the largest financing facility provided by RCBC since 2014. 

The bank supports the development of Alternergy’s 12.5 MWp Kirahon Solar Power Project in Misamis Oriental and the Solar Pacific CitySun multi-site solar rooftop projects atop the building roofs of CityMalls.

RCBC unit RCBC Trust Corporation also backed the company’s first solar and battery energy storage system project in Palau as the Accounts Trustee.

“We are very pleased to finally sign the loan agreement for the project finance facility for our Alabat Wind Power Project after a very thorough due diligence period against a very tight timeline. RCBC’s continued support speaks of the growing partnership between Alternergy and RCBC,” Alternergy President Gerry Magbanua said.

Maria Carmen Diaz, Alternergy Chief Financial Officer and Chief Sustainability Officer, said the company has closed $313.6m (PHP18.4b) out of its $357.9m (PHP21b) capital raising programme.

$1 = PHP58.68