ALTERNERGY Holdings Corp., through its unit Solana Solar Alpha, Inc., has secured a P1-billion loan from Rizal Industrial Banking Corp. (RCBC) to fund the development of its 28-megawatt-peak (MWp) Balsik Solar Power Project in Hermosa, Bataan.
“We have now signed the omnibus loan and security agreement for our Balsik Solar Power Project,” Alternergy President Gerry P. Magbanua said in a press release on Thursday.
“The financing from RCBC further advances the continued construction of the Balsik Solar Power Project as we aim to finish it by early within the second half of this yr,” he added.
The corporate said that the solar project’s total cost is P1.374 billion.
RCBC Capital Corp. acted because the lead arranger for the transaction. Picazo Buyco Tan Fider and Santos (Picazo Law) were tapped because the lender’s counsel, while Tantoco Villanueva & De Guzman Law Offices (Tavidell) acted because the borrower’s counsel. AFRY Philippines, Inc. served because the lender’s technical advisor, and Marsh Philippines, Inc. served because the lender’s insurance advisor.
Over the past ten years, RCBC has provided a complete of P3.65 billion in financing to Alternergy.
Last yr, the 2 corporations entered into one other financing agreement for P5.33 billion for Alternergy’s 64-MW Alabat Wind Power Project, which is subject to financial close.
RCBC provided project financing to Alternergy’s 54-MW Pililla Wind Power Project in 2014, the 12-MWp Kirahon Solar Power Project in 2015, and its portfolio of economic rooftop solar projects in 2018.
Alternergy is targeting to develop as much as 500 MW of additional wind, solar, and run-of-river hydro projects.
On the local bourse on Thursday, shares in the corporate climbed by 8.18% to shut at P1.19 apiece. — Sheldeen Joy Talavera
