Alternergy Holdings Corporation Secures P1 Billion Financing from RCBC for its Balsik Solar Project

Renewable power pioneer Alternergy Holdings Corporation (ALTER) has secured a P1 billion project finance senior term loan facility to fund construction of its 28 MWp Balsik Solar Power Project located in Hermosa, Bataan.

In a disclosure to the Philippine Stock Exchange (PSE), Alternergy through its unit Solana Solar Alpha, Inc. (SSAI) reported that the project financing was secured from Rizal Commercial Banking Corporation (RCBC).

“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. “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.

“The Balsik Solar Power Project harnesses the power of strategic partnership between Alternergy and RCBC. We are proud to provide support to Alternergy as it rolls out its Road to 500 MW capacity target,” RCBC Executive Vice President and Institutional Banking Group Head Elizabeth E. Coronel said. “The Balsik Solar Power Project adds to RCBC’s growing list of projects we have supported. More importantly, this further solidifies the longtime partnership between Alternergy and RCBC over the past decade and reaffirms our commitment to sustainability,” Ms. Coronel added.

RCBC has provided a total of P3.65 billion financing to Alternergy over the past ten years and signed another financing agreement last year for P5.33 billion financing for Alternergy’s 64 MW Alabat Wind Power Project, which is subject to financial close. RCBC provided project financing to Alternergy’s Pililla Wind Power Project in 2014, to Alternergy’s Kirahon Solar Power Project in 2015 and to its portfolio of commercial rooftop solar projects in 2018.

RCBC Capital Corporation acted as Lead Arranger for the transaction. Picazo Buyco Tan Fider and Santos (Picazo Law) acted as Lender’s Counsel and Tantoco Villanueva & De Guzman Law Offices (Tavidell) acted as Borrower’s Counsel. AFRY Philippines, Inc. (AFRY) served as Lender’s Technical Advisor and Marsh Philippines, Inc. (Marsh) served as Lender’s Insurance Advisor.

Alternergy is a renewable power pioneer with a portfolio of project companies engaged in different RE projects, particularly wind, run of-river hydro, solar farm and commercial rooftop, battery storage and offshore wind projects.

With robust expansion plans in the next two years, Alternergy aims to develop up to 500MW of additional wind, solar, and run of river hydro projects.

Alternergy’s management team is comprised of a pioneering group of RE advocates led by former energy secretary Vince Pérez, Gerry Magbanua, Knud Hedeager, Eduardo Martinez Miranda, Michael Lichtenfeld, Atty. Ina Arriola, Annette Rafael and Carmen Diaz.

Alternergy (ALTER) debuted at the Philippine Stock Exchange as the first initial public offering (IPO) in March 2023. In August 2024, ALTER has been included in the PSE Industrial Index.