ALTERNERGY Holdings Corp. has drawn P3.256 billion from its P5.3-billion project loan facility with Rizal Commercial Banking Corp. (RCBC) to partially fund the development of its 64-megawatt (MW) Alabat Wind Power Project in Quezon province, the energy company said on Monday.
“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,” Alternergy President Gerry P. Magbanua said in a media release on Monday.
The drawdown is part of the P5.3-billion project finance facility the company secured from RCBC last year.
Under the transaction, Puyat Jacinto & Santos Law acted as the lender’s counsel, while Tantoco Villanueva & De Guzman Law Offices (Tavidell) served as the borrower’s counsel. AFRY Philippines, Inc. (AFRY) was the lender’s technical advisor, and AON was the borrower’s insurance broker, assisting in the successful execution of the drawdown.
The P7.1-billion power project is scheduled for completion by the end of the year, “possibly the first wind project to be completed” under the Department of Energy’s (DoE) Green Energy Program held in 2023.
The Alabat Wind Project is one of five renewable energy projects currently under construction by Alternergy, aligned with its goal of expanding its capacity portfolio to 500 MW by 2026.
Last month, the company said its wind sub-holding company, Alternergy Wind Holdings Corp., was awarded a certificate of authority by the DoE, allowing it to undertake the exploration and assessment of wind resources for the project.
Spanning 6,318 hectares, the prospective project is expected to generate at least 150 MW, forming part of Alternergy’s pipeline of projects beyond its 500-MW target by 2026.
At the local bourse on Monday, shares in the company declined by 0.96% to close at P1.03 apiece. — Sheldeen Joy Talavera
