Alternergy’s Alabat Wind Project Receives P3.256 Billion Drawdown from RCBC

Renewable power pioneer Alternergy Holdings Corporation (ALTER), through its unit Alabat Wind Power Corporation, has received P3.256 billion funding from its project lender Rizal Commercial Banking Corporation (RCBC).

​RCBC has just released P3.3 billion out of the P5.3 billion project finance facility for the 64 MW Alabat Wind Project.

“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 P. Magbanua, president of ALTER.

Mr. Magbanua also expressed appreciation to Puyat Jacinto & Santos Law (PJS) which acted as Lender’s Counsel and Tantoco Villanueva & De Guzman Law Offices (Tavidell) as Borrower’s Counsel including AFRY Philippines, Inc. (AFRY) as Lender’s Technical Advisor and AON as Borrower’s Insurance Broker for the assistance in ensuring successful drawdown.

The 64 MW Alabat Wind Project is the first wind project in the country located along the Pacific Ocean coastline and is the first wind project being erected in Quezon Province. Construction works is way underway on the island of Alabat, with target completion by the end of 2025, possibly the first wind project to be completed under the 2nd Green Energy Auction Program undertaken by the Department of Energy in July 2023.

The Alabat Wind Project is one of five renewable energy projects under construction by Alternergy towards ALTER’s Road to 500 MW capacity target by 2026.

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. In December 2024, ALTER issued first dividend payments to its preferred shareholders, including the Government Service Insurance System (GSIS) in the amount of P118 million.