Alternergy Holdings, a renewable energy project developer based in the Philippines, announced the closing of a PhP1 billion (~$17 million) senior term loan from the Rizal Commercial Banking Corporation (RCBC) for the development and construction of the 28 MW Balsik solar power project in Hermosa in the province of Bataan, Philippines.
The loan will be used to construct the project, which is expected to be completed in the second half of 2025.
RCBC Capital acted as the lead arranger for the deal, while Picazo Law, Tavidell, AFRY Philippines, and Marsh Philippines advised on legal and technical matters.
The financing partnership aligns with Alternergy’s ambition to achieve a 500 MW renewable energy portfolio. Additionally, the company expects to expand its renewable energy capacity to 311 MW by the end of 2025.
This transaction follows previous financing agreements made by Alernergy, including PhP5.33 billion (~$90 million) for the company’s 64 MW Alabat wind project and other solar and wind projects across the Philippines.
In April 2024, Citicore Renewable Energy Corporation (CREC), a renewable energy developer, secured PhP9 billion (~$159 million) in financing for multiple solar projects with a total installed generating capacity of at least 600 MWdc and up to nearly 1 GW of solar energy capacity. The proceeds of the initial funding tranche will be used to develop solar projects in Batangas, Pampanga, and Negros Occidental.
According to Mercom’s recently released Annual and Q4 2024 Solar Funding and M&A report, large-scale project funding deals in 2024 totaled $53.8 billion in 259 deals, up from $44.5 billion raised in 229 deals in 2023.
Last week, CCE Holding, an independent power producer, announced the closing of €24 million (~$24.64 million) in project financing with Commerzbank, a Frankfurt-based bank. The loan will be used to construct a 42 MW solar project located in the municipality of Montalto di Castro in the Italian region of Lazio.
