Alternergy Secures P800M from RCBC to Advance Bataan Solar Farm Construction

MANILA — Renewable energy firm Alternergy Holdings Corp. has received an initial P800 million disbursement from its P1-billion loan facility with Rizal Commercial Banking Corporation (RCBC), intended to fund the ongoing construction of its solar project in Bataan.

In a disclosure on Friday, Alternergy said the released amount will support its subsidiary, Solana Solar Alpha Inc., in developing the 28-megawatt peak Balsik Solar Power project.

“We are thankful to RCBC for swiftly releasing the initial tranches of the loan,” said Alternergy president Gerry Magbanua, highlighting the momentum it adds to construction efforts.

The total cost of the Balsik solar farm is estimated at P1.4 billion, with completion targeted in the first half of 2025.

RCBC has been a consistent financial partner for Alternergy’s green energy expansion, having previously extended P5.3 billion for its 64-MW Alabat Wind Power project, as well as support for the Pililla and Kirahon power initiatives.

Big Picture: 500-MW Clean Energy Goal

The Balsik facility is one of several projects Alternergy is building as part of its goal to reach 500 megawatts of renewable capacity by next year.

Additionally, the Department of Energy recently awarded Alternergy a new onshore wind energy contract in Albay, with an estimated potential capacity of 150 MW. The project will span multiple municipalities in the province.

“This is an exciting time as we near completion of our Tanay and Alabat wind projects,” said Knud Hedeager, president of Alternergy Wind Holdings Corp., signaling further development of new wind projects ahead.

Alternergy’s renewable energy portfolio spans wind, solar, run-of-river hydro, commercial rooftops, battery storage, and offshore wind ventures.