Alternergy Holdings Corporation, a pioneer in renewable energy, recently signed a term sheet with Rizal Commercial Banking Corporation (RCBC) for P1.0 Billion financing. This will be extended to the Solana 28-megawatt solar farm in Hermosa (Bataan) development.
Alternergy owns the solar farm project, and the business unit that developed it is Solar Pacific Energy Corporation. This is the corporate vehicle that houses the group’s solar ventures.
Elizabeth Coronel from RCBC Corporate Banking Group said that “the Alternergy project financing aligns to our sustainable finance strategy, which has so far channeled over P70 billion in funding support for various sustainable projects.”
RCBC was the first Philippine bank that announced its intention to cease financing coal-fired power plants in 2020. Since then, its lending strategy has been refocused to clean energy technologies.
Gerry P. Magbanua, Alternergy President, praised RCBC’s determination to “identify renewable energy as a priority industry” because of this shift in the lending paradigm.
He stressed that the bank’s project financing for their new venture in solar energy is an expression of RCBC’s “growing confidence” in Alternergy, with total funding to the group exceeding P2 billion so far. This was especially important to bankroll our solar portfolio.
He noted that the financing will be used to finance the project. It was the second time that Alternergy’s Kirahon 12.5MWp solar power project in Misamis Oriental in 2015, when Alternergy received funding from RCBC. This was the largest solar farm in the country and the first bilateral solar contract approved in principle by Energy Regulatory Commission.
He stated that RCBC had “extended consecutive innovative credit financing to Alternergy’s portfolio of eight large-scale solar rooftop projects located across the country, to Alternergy’s first solar battery project within the Republic of Palau and to Alternergy Holdings Corporation.”
 for P1.0 Billion financing for the development of the Solana 28-megawatt solar farm in Hermosa, Bataan. RCBC's sustainable finance strategy aligns with the bank's shift towards clean energy technologies, as it aims to cease financing coal-fired power plants. The financing will be used to fund the project, with Alternergy expressing appreciation for RCBC's growing confidence in the company's solar portfolio.){kind=link}