Soon-to-be-listed Alternergy bags debt for 28-MW Philippine PV project

Philippine renewable energy developer Alternergy Holdings Corp will obtain PHP 1 billion (USD 18.1m/EUR 17.1m) in debt financing to bankroll the construction of a 28-MW solar park in the province of Bataan, on the Philippine island of Luzon.

The company, which is preparing for an initial public offering (IPO) in March, said last week it had signed a term sheet for the credit facility with Rizal Commercial Banking Corporation (RCBC).

The financing is earmarked for the Solana photovoltaic (PV) project in Hermosa municipality. The specific scheme is owned by Alternergy’s subsidiary Solar Pacific Energy Corp, which develops, builds, owns and operates solar power projects on behalf of its parent.

The deal between Altenergy and RCBC comes on the heels of a funding arrangement from 2015 when the renewable energy firm secured financing for its 12.5-MWp Kirahon solar park in Misamis Oriental.

Alternergy aims to develop up to 1,370 MW of additional onshore and offshore wind, solar and run-of-river hydro projects in the next five years. In the offshore segment, it is partnering with Shell Overseas Investment BV.

Altenergy has scheduled its IPO for March 24, seeking to raise up to PHP 1.87 billion.

(PHP 10 = USD 0.181/EUR 0.171)

Choose your newsletter by Renewables Now. Join for free!