Renewable energy (RE) pioneer Alternergy Holdings Corp. has received a P3.3-billion loan from Rizal Commercial Banking Corp. (RCBC) to fund the Alabat Wind Project through its unit, Alabat Wind Power Corp.

Alternergy said the amount is part of the P5.5-billion funding facility from RCBC for the 64-megawatt wind project in Quezon province.

“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 Magbanua said.

The Alabat Wind Project will be the country’s first wind power facility located along the coastline of the Pacific Ocean and also the first of its kind in Quezon province.

The company has already started the construction of the project, with target delivery by end of 2025.

The project is also expected to be the first wind power project to be completed under the second Green Energy Auction Program.

The Alabat Wind Power is one of the five RE projects under construction towards Alternergy’s 500 megawatts capacity target for next year.

This is also aligned with the Marcos administration’s goal of increasing the share of clean energy in the power mix to 35 percent by 2030, and by 50 percent by 2040. 

ALTENERGY PHOTO