Alternergy Holdings Corp. said Monday the 64-megawattt Alabat wind power project in Quezon province received P3.256 billion in funding from Rizal Commercial Banking Corp.(RCBC).
Alternergy said in a statement RCBC released the funding out of the P5.3-billion project finance facility for the Alabat wind project. Alternergy will finance the remaining project cost through internally-generated funds.
“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,” said Alternergy president Gerry Magbanua.
The P7.1-billion Alabat wind project is the first wind project in the country located along the Pacific Ocean coastline and is the first wind project being erected in Quezon province.
The wind project is being built under the 2nd Green Energy Auction Program undertaken by the Department of Energy in July 2023 and is eyed to be completed by end-2025.
Alternergy unit Alabat Wind Power Corp. (AWPC) took delivery of the first units of the largest wind turbines to be installed in the country early this month.
The 8-MW wind turbines, built by Envision Energy, each has three blades that are 90-meters long, or the length of a football field, for a total wingspan of 182 meters wide. A total of 8 turbines will be installed for the Alabat wind project.
The towers, once built, will have a maximum height of 195 meters.
Puyat Jacinto & Santos Law (PJS) acted as lender’s counsel and Tantoco Villanueva & De Guzman Law Offices (Tavidell) as borrower’s counsel, AFRY Philippines Inc. (AFRY) as lender’s technical advisor and AON as borrower’s insurance broker for the assistance in ensuring successful drawdown.
The Alabat wind project is one of five renewable energy projects under construction by Alternergy as part of its target to have 500-MW capacity by 2026.
