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

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

The business, which is getting ready for an initial public offering (IPO) in March, said recently it had signed a term sheet for the debt center with Rizal Commercial Banking Corporation (RCBC).

The financing is earmarked for the Solana photovoltaic (PV) project in Hermosa town. The particular scheme is owned by Alternergy's subsidiary Solar Pacific Energy Corp, which establishes, develops, has and operates solar power projects on behalf of its parent.

The bargain between Altenergy and also RCBC begins the heels of a financing arrangement from 2015 when the renewable resource company secured financing for its 12.5-MWp Kirahon solar park in Misamis Oriental.

Alternergy intends to establish approximately 1,370 MW of added onshore and also offshore wind, solar as well as run-of-river hydro projects in the next five years. In the offshore segment, it is partnering with Shell Overseas Investment BV.

Altenergy has actually scheduled its IPO for March 24, seeking to increase as much as PHP 1.87 billion.