Alternergy Holdings Corp. said Thursday it secured a P1-billion project finance senior term loan facility to fund the construction of its 28-megawattpeak Balsik Solar Power Project in Hermosa, Bataan.
Alternergy said in a disclosure to the Philippine Stock Exchange (PSE) it signed the project financing agreement with Rizal Commercial Banking Corp. (RCBC) through its unit Solana Solar Alpha Inc. (SSAI).
“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,” Alternergy president Gerry Magbanua 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 said.
The Basic solar project has a project cost of P1.374 billion.
RCBC Capital Corp. acted as lead arranger for the transaction, while Picazo Buyco Tan Fider and Santos (Picazo Law) acted as the lender’s counsel;. Tantoco Villanueva & De Guzman Law Offices (Tavidell) served as borrower’s counsel.
AFRY Philippines Inc. (AFRY) served as lender’s technical advisor and Marsh Philippines Inc. (Marsh) was the lender’s insurance advisor.
“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 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,” Coronel said.
RCBC has provided P3.65 billion financing to Alternergy over the past 10 years. It signed another agreement last year to provide P5.33 billion in financing for Alternergy’s 64-MW Alabat wind power project, which is subject to financial close.
RCBC also 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.
Alternergy is developing different RE projects, particularly wind, run-of-river hydro, solar farm and commercial rooftop, battery storage and offshore wind projects.
It aims to develop up to 500 MW of additional wind, solar and run-of-river hydro projects in the next two years.