Alternergy secures P1-B loan for solar power project
ALTERNERGY Holdings Corp. has secured P1-billion funding for its 28-megawatt direct current Solana solar power project in Hermosa, Bataan via a loan from Rizal Commercial Banking Corp. (RCBC).
In a statement, the renewable energy company said it signed another term sheet with RCBC to provide P1-billion financing for its solar power project.
“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 specially to bankroll our solar power portfolio,” Gerry P. Magbanua, president of Alternergy, said in a media release.
The Solana solar farm is owned by Alternergy and its sub-holding company Solar Pacific Energy Corp., the developer, owner, and operator of Alternergy’s projects in the country.
“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 Php 70 billion in funding support to various sustainable projects,” RCBC Corporate Banking Group Head Elizabeth E. Coronel said.
Mr. Magbanua said that RCBC extended debt financing to the company’s portfolio of eight large-scale solar rooftop projects spread across the country and to its solar battery project in Palau.
The Solana solar power project is part of the company’s goal to develop up to 1,370 megawatts of renewable energy sources such as onshore and offshore wind, solar, and run-of-river hydropower projects. — Ashley Erika O. Jose