Alternergy gets P1-B RCBC loan for Balsik Solar Power Project in Bataan

Renewable power pioneer Alternergy Holdings Corp. (ALTER) has secured a P1-billion project finance senior term loan from Rizal Commercial Banking Corp. (RCBC) to fund its 28-MWp (Megawatt-peak) Balsik Solar Power Project in Hermosa, Bataan.

Alternergy, through its unit Solana Solar Alpha, Inc., disclosed the financing arrangement in a stock exchange filing. 

RCBC has been a long-time partner, providing P3.65 billion in financing to Alternergy over the past decade, including a P5.33 billion facility signed last year for the 64 MW Alabat Wind Power Project, pending financial close.

Previous RCBC financing includes the Pililla Wind Power Project (2014), Kirahon Solar Power Project (2015), and Commercial Rooftop Solar Projects (2018).

Management’s view

“We have signed the Omnibus Loan and Security Agreement for our Balsik Solar Power Project. This is a celebration of perseverance and teamwork between Alternergy and RCBC to deliver sustainable energy projects,” Gerry P. Magbanua, president of Alternergy, said in the filing.

“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,” he added.