RCBC releases PHP3.256B for Alabat Wind Project

Renewable energy firm Alternergy Holdings Corp. has received PHP3.256 billion from Rizal Commercial Banking Corp. (RCBC) as part of a PHP5.3-billion facility to fund the 64-megawatt Alabat Wind Project in Quezon province.

The funding marks the second release from RCBC, following an earlier disbursement of PHP800 million for another renewable energy project last month.

Construction on the coastal wind power facility has already commenced with a targeted completion by year-end, aligning with national efforts to boost clean energy usage.

Alternergy president Gerry Magbanua expressed gratitude towards RCBC's support and highlighted the company’s goal of achieving 500 megawatts capacity next year.

The Alabat Wind Project is part of five renewable energy projects currently under development by Alternergy, contributing to its broader objective of expanding clean energy in the power mix.