28-MW solar project bags P1-B RCBC loan

Renewable energy (RE) firm Alternergy Holdings Corp. (Alter) has secured a P1-billion senior term loan facility to support the construction of its 28-megawatt (MW) Balsik Solar Power Project in Hermosa, Bataan. 

The financing, arranged through Yuchengco-led Rizal Commercial Banking Corp. (RCBC), aims to accelerate the project’s construction, with target completion in the early second half of this year.

Alternergy, through its subsidiary Solana Solar Alpha Inc. (SSAI), reported RCBC Capital Corp. served as the lead arranger for the deal. 

Legal advisors included Picazo Buyco Tan Fider and Santos (Picazo Law) as Lender’s Counsel, and Tantoco Villanueva & De Guzman Law Offices (Tavidell) as Borrower’s Counsel.

Afry as advisor

AFRY Philippines Inc. acted as the lender’s technical advisor, while Marsh Philippines Inc. provided insurance advisory services.

“We have signed the Omnibus Loan and Security Agreement for our Balsik Solar Power Project. The financing from RCBC further advances the ongoing construction of the Balsik Solar Power Project as we aim to complete by early second half of this year,” Alternergy president Gerry Magbanua said. 

RCBC executive vice president and head of Institutional Banking Group Elizabeth Coronel highlighted the strong partnership between RCBC and Alternergy.

“We are proud to provide support to Alternergy as it rolls out its Road to 500 MW capacity target,” she said. 

RCBC has provided a total of P3.65 billion in financing to Alternergy over the past 10 years. Last year, it also signed another agreement for P5.33 billion to support Alternergy’s 64 MW Alabat Wind Power Project, which is pending financial close. 

The bank has been instrumental in financing Alternergy’s Pililla Wind Power Project (2014), Kirahon Solar Power Project (2015), and commercial rooftop solar projects (2018).