Insider spotlight:
The amount is the first major release under a P5.3-billion project financing facility arranged with RCBC. It follows the Yuchengco family-controlled bank’s earlier release of P800 million in funding for Alternergy’s Balsik Solar project in March.
“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 Gerry Magbanua, president of Alternergy.
Magbanua also acknowledged the role of various advisers and partners in facilitating the drawdown, including Puyat Jacinto & Santos Law (lender’s counsel), Tantoco Villanueva & De Guzman Law Offices (borrower’s counsel), AFRY Philippines Inc. (lender’s technical advisor), and AON (borrower’s insurance broker).
Located along the Pacific coastline of Alabat Island, the project is the first wind power installation in Quezon province and the first in the country situated along this ocean-facing corridor. Construction is underway, with project completion targeted by the end of 2025.
The Alabat project may become the first wind facility to be completed under the Department of Energy’s second Green Energy Auction Program, which was conducted in July 2023. It is one of five ongoing renewable energy projects that Alternergy is building to meet its medium-term goal of achieving a total capacity of 500 MW by 2026.
Alternergy, which listed on the Philippine Stock Exchange in March 2023, has since expanded its project pipeline and institutional footprint. In August 2024, it was added to the PSE Industrial Index. By December, it had made its first preferred dividend payment amounting to P118 million, which included payouts to institutional investors like the Government Service Insurance System.
The company’s broader portfolio includes wind, run-of-river hydro, solar, rooftop solar, battery storage, and offshore wind projects across the country.
— Edited by Daxim L. Lucas
