Quezon: Renewable energy pioneer Alternergy Holdings Corp. announced on Monday that it has secured PHP3.3 billion from Rizal Commercial Banking Corp. (RCBC) to finance the Alabat Wind Project through its unit, Alabat Wind Power Corp.
According to Philippines News Agency, this funding is part of a larger PHP5.5-billion facility from RCBC dedicated to the 64-megawatt wind project in Quezon province. Alternergy President Gerry Magbanua expressed gratitude to RCBC for the timely release of funds, noting the previous release of PHP800 million for their Balsik Solar project.
The Alabat Wind Project is set to become the first wind power facility along the Pacific Ocean coast and the inaugural project of its kind in Quezon province. Construction has already commenced, with a projected completion date by the end of 2025.
The project is anticipated to be the first wind power initiative completed under the second Green Energy Auction Program. It is one of five renewable energy projects currently under construction as Alternergy aims to reach a total capacity of 500 megawatts next year.
This development aligns with the Marcos administration's objectives to increase the share of clean energy in the national power mix to 35 percent by 2030 and 50 percent by 2040.
