Alternergy secures P5.3B finance facility from RCBC

SunStar Business
SunStar Business

RENEWABLE power pioneer Alternergy Holdings Corp. (Alternergy) through its unit Alabat Wind Power Corp. (AWPC) has secured a P5.3 billion project finance facility to partially fund the construction of its 64 megawatts (MW) Alabat Wind Power Project located in the municipalities of Alabat and Quezon in the province of Quezon.

AWPC is a wholly-owned subsidiary of Alternergy Wind Holdings Corp., which is the wind sub-holding company wholly owned by Alternergy.

In a disclosure to the local bourse, Alternergy reported that the project financing was secured from Rizal Commercial Banking Corp. (RCBC) with RCBC Capital Corp. as the mandated lead arranger for the transaction.

Gerry Magbanua, president of Alternergy, noted that the P5.3 billion loan is the largest financing facility extended by RCBC to the Alternergy Group to date since 2014.

RCBC has bankrolled Alternergy’s 12.5 MWp Kirahon Solar Power Project in Misamis Oriental, the first solar PPA approved by the ERC, and the Solar Pacific CitySun multi-site solar rooftop projects atop the building roofs of CityMalls, the first such multi-site solar rooftop financing in the country. / PR

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