Alternergy’s Alabat Wind Project Gains Momentum with P3.3B Funding
- May 6, 2025
Alternergy Holdings Corporation (ALTER) has secured a P3.3-billion funding release from Rizal Commercial Banking Corporation (RCBC). Part of the energy firm’s P5.3-billion project loan facility with RCBC, the funds will help fast-track the construction of the 64-megawatt Alabat Wind Project, which will be the first wind energy facility in Quezon Province and along the country’s Pacific coastline.
(Also read: The promise and pitfalls of wind power)
Possibly the first wind project under GEAP
Expected to be completed by the end of the year, the P7.1-billion power project may be “possibly the first wind project to be completed” under the Department of Energy’s Green Energy Auction Program (GEAP).
The company recently received the first two powerful eight-megawatt wind turbines for the project. Brought in by sea and unloaded on a customized jetty, these are the largest wind turbines in the country to date: each turbine is composed of three blades, which are 90 meters long. The turbines will reach up to 195 meters high when fully assembled.
The Alabat Wind Project will link to the power grid through the 69-kilovolt distribution network of Quezon 1 Electric Cooperative, which is situated about eight kilometers from the project site. The project is one of five renewable energy developments currently underway by Alternergy, supporting the company’s target of achieving a 500-megawatt total capacity by 2026.
(Also read: Alternergy Receives Largest Wind Turbines in the Country)
An expanding renewable energy portfolio
“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,” Gerry P. Magbanua, president of ALTER, said in a company statement.
As part of the transaction, Puyat Jacinto & Santos Law represented the lender, while Tantoco Villanueva & De Guzman Law Offices (Tavidell) served as legal counsel for the borrower. AFRY Philippines, Inc. acted as the lender’s technical advisor, and AON was the borrower’s insurance broker. Mr. Magbanua also thanked all the concerned parties for their “assistance in ensuring successful drawdown.”
The Department of Energy (DOE) recently granted Alternergy Wind Holdings Corp. (AWHC), the wind energy arm of Alternergy, a Certificate of Authority (COA) to explore and evaluate wind resources across more than 6,318 hectares spanning seven municipalities in Albay.
(Also read: Renewables Firm Alternergy to Develop Albay Wind Power Project)
In 2005, Alternergy’s founders co-developed the Bangui Bay wind farm, the first grid-connected wind power facility in both the Philippines and Southeast Asia. They also led the development of the 54-megawatt Pililla wind farm in Rizal.
The upcoming Albay wind project will be Alternergy’s fifth wind energy venture in the country.
Sources:
https://tribune.net.ph/2025/04/21/alter-speeds-up-alabat-wind-with-fresh-fund
https://www.alternergy.com/alabat
https://edge.pse.com.ph/openDiscViewer.do?edge_no=f1ccc5b9b7d6bbfcec6e1601ccee8f59
https://www.alternergy.com/bangui-bay-wind-farm
https://www.alternergy.com/pililia-wind-farm
