Renewable energy developer, Alternergy Holdings Corp., through its unit Alabat Wind Power Corp, said yesterday it received P3.3 billion from Rizal Commercial Banking Corp. (RCBC) for funding a project.
In a statement, Alternergy said RCBC released the amount representing the initial project funding for Alabat Wind Power in Quezon province.
The 64-megawatt Alabat wind project has a total cost of P7.1 billion, of which P5.3 billion will come from RCBC and P1.8 billion in equity funding from Alternergy.
Alternergy president Gerry Magbanua said, “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 P800 million for our Balsik solar project.”
Magbanua said that the other firms involved in the project financing are Puyat Jacinto & Santos Law, which acted as lender’s counsel, Tantoco Villanueva & De Guzman Law Offices, which acted as borrower’s counsel, AFRY Philippines Inc., which acted as lender’s technical advisor, and AON, which acted as borrower’s insurance broker, for assistance in ensuring successful fund drawdown.
Alternergy said its Alabat wind power plant is targeted for completion by the end of 2025.
It is among those that qualified to offer capacities under the second Green Energy Auction Program (GEA-2), which was supervised by the Department of Energy in July 2023.
From the total 64 MW capacity of the Alabat wind project, 54.6 MW has been offered for a price of P5.2888 per kilowatt hour under the GEA-2.
Under the GEA, RE producers compete and get incentives for offering fixed power rates that are lower than or equal to reserve prices set by the Energy Regulatory Commission.
The Alabat wind project is one of five RE projects under construction by Alternergy, which aims to have at least 500 MW of power capacity by 2026.
Alternergy is also constructing a 128 MW wind power project in Tanay, Rizal.
Apart from wind power projects, Alternergy is also developing the 28 MW-peak Solana solar power project in Bataan; the 4.6 MW Dupinga run-of-river hydro project in Nueva Ecija; and the 17.4 MW Kiangan run-of-river project in Ifugao Province.
Alternergy said last January that from its existing RE portfolio of 86 MW, it expected to have a total generating capacity of 311 MW by the end of the year.
