ALTERNERGY Holdings Corp. on Thursday said it had secured a P5.3-billion project finance facility for its Alabat wind power project from Rizal Commercial Banking Corp. (RCBC).

The financing was obtained via Alabat Wind Power Corp., a wholly owned subsidiary of Alternergy Wind Holdings Corp. of the Alternergy group, for the construction of the 64-megawatt Alabat project in Quezon province.

"We are very pleased to finally sign the loan agreement [for Alabat] after a very thorough due diligence period against a very tight timeline," Alternergy President Gerry Magbanua said.

The P5.3-billion loan is the largest facility extended by RCBC to the Alternergy Group to date since 2014, he added.

RCBC Capital Corp. was the lead arranger for the transaction while Puyat Jacinto Santos Law acted as lender's counsel and Tantoco Villanueva & De Guzman Law acted as borrower's counsel.

"We are proud to have supported Alternergy over the years and look forward to a continuing journey with them in line with our commitment to a sustainable future," RCBC Executive Vice President Elizabeth Coronel said.

The latest financing forms part of Alternergy's P21-billion capital raising program under a green finance framework, of which P18.40 billion has so far been closed.

Alternergy Chief Financial Officer Maria Carmen Diaz expects more financial closings ahead as part of Alternergy's accelerated rollout of its project portfolio.

The Alabat project, which broke ground last month, is expected to contribute additional generating capacity by the end of 2025.

Envision Energy has been awarded the wind turbine supply contract, while the construction contract was given to China Energy Engineering Group Guangdong Electric Power Design Institute Co. Ltd.

Danish technical consulting firm K2 Management was named the project's owner's engineer.

Alternergy shares rose 1.33 percent to 76 centavos on Thursday.

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