Alternergy Holdings Corp. (ALTER), through its unit Alabat Wind Power Corp., has secured P3.256 billion in funding from Rizal Commercial Banking Corp. (RCBC) to fast-track the development of its 64 megawatts (MW) Alabat Wind Project in Quezon province.

The company said in a Monday stock exchange filing that the amount forms part of a P5.3 billion project finance facility arranged by RCBC for the project.

Construction is already underway on Alabat Island, with completion targeted by the end of the year.

The P7.1-billion Alabat Wind Project is positioned to be the first wind project completed under the Department of Energy’s second Green Energy Auction Program, which was held in July 2023.

Funding released

“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,” said ALTER president Gerry P. Magbanua.

Magbanua also acknowledged the role of Puyat Jacinto & Santos Law (PJS) as the Lender’s Counsel and Tantoco Villanueva & De Guzman Law Offices (Tavidell) as the Borrower’s Counsel, along with AFRY Philippines Inc. as the Lender’s Technical Advisor and AON as the Borrower’s Insurance Broker, for assisting in the successful drawdown of funds.

The Alabat Wind Project, the first wind power development along the Pacific Ocean coastline and in Quezon province, is one of five renewable energy projects currently under construction by Alternergy.

ALTER aims to deliver a total of 500-MW capacity by 2026.