Alternergy Holdings Corp. said Tuesday it signed a term sheet with Rizal Commercial Banking Corp. for P1 billion in debt financing to fund the construction of its 28-megawatt Solana solar power project in Hermosa, Bataan.
Solana Solar is owned by Alternergy and its sub-holding company Solar Pacific Energy Corp., which develops, builds, owns and operates Alternergy’s solar power projects across the country.
“Alternergy commends RCBC for identifying renewable energy as a priority sector. We thank RCBC for their growing confidence in Alternergy with total funding to our group reaching close to P2 billion to date, especially to bankroll our solar power portfolio,” Alternergy president Gerry Magbanua said.
Magbanua said the P1-billion financing for the Solana solar power project further deepened the companies’ partnership with RCBC that first began in 2015 when the bank financed Alternergy’s 12.5-MW Kirahon solar power project in Misamis Oriental.
RCBC also extended consecutive innovative debt financing to Alternergy’s eight large scale solar rooftop projects nationwide and its first solar battery project in the Republic of Palau.
“RCBC is deeply committed to upholding social and environmental responsibility in how we do business. Our latest project financing support to Alternergy’s Solana solar power project aligns with our sustainable finance strategy which has so far channeled more than P70 billion in funding support to various sustainable projects,” RCBC corporate banking group head Elizabeth Coronel said.
The Solana solar power project is part of Alternergy’s robust expansion plans in the next five years.
The company is developing 1,370 MW of onshore and offshore wind, solar and run-of-river hydro projects.
The bulk of the proceeds from Alternergy’s upcoming initial public offering will be used as equity to fund the construction of the Solana solar power project.