Alternergy Holdings Corporation has raised $17.07 million (PHP 1 billion) through a loan provided by Rizal Commercial Banking Corporation (RCBC) to fund the construction of the 28 MW-peak Balsik Solar Power Project located in Hermosa, Bataan, Philippines. The project is planned to be finished by mid-2025.
The Balsik Solar Power Project is part of Alternergy’s plans to expand renewable energy production in the Philippines. Construction of the plant is currently ongoing. Once operational, it will contribute to the country’s shift toward cleaner energy sources.
In addition to the Balsik project, Alternergy has also worked with RCBC to secure financing for other renewable energy projects. These include the 64 MW Alabat Wind Power Project, which is in the process of financial closing, the Pililla Wind Power Project, and the Kirahon Solar Power Project.
The Philippines has been increasing its focus on renewable energy to reduce dependence on fossil fuels. Solar and wind projects are growing in the country, with both private companies and government programs aiming to expand clean energy capacity.
Other renewable energy projects in the Philippines include the 500 MW New Clark City Solar Farm, which is under development in Tarlac. This project is planned to use solar panels and battery storage to supply renewable power to the region. Another project is the 150 MW wind farm in Burgos, Ilocos Norte, which is one of the largest wind energy facilities in Southeast Asia.
The Philippines is also exploring the potential of geothermal energy. The Department of Energy is working on initiatives to develop small-scale geothermal plants in various provinces. Hydropower is another area of focus, with ongoing projects in Mindanao, such as the Agus-Pulangi hydroelectric complex rehabilitation. These efforts are part of the country’s long-term plan to increase the share of renewable energy in its power generation mix.
