Alba Renewables gets P2-B loan from Security Bank

Singapore-based Alba Renewables has obtained a P2.015-billion loan from the Security Bank group for its 65-megawatt (MW) peak solar park in San Pablo, Isabela.

Dubbed “Solar Valley,” the project is expected to boost the Luzon grid with an added clean electricity supply once it becomes operational.

It is under a fixed 20-year tariff awarded through the government’s green energy auction program.

Currently, its completion rate is at 25 percent. The project is a joint venture between Alba Renewables Philippines and Soleos Energy Partners Pte. Ltd.

Security Bank said on Thursday that the loan facility was Alba Renewables’ first project financing after it was acquired by global investment firm Brookfield Asset Management.

Virgilio Chua, president and CEO of Security Bank Capital Investment Corp., said extending fresh funds for the development of the solar power project shows the group’s “commitment to financing high-quality renewable energy projects that deliver long-term value.”

“By supporting Alba Renewables’ Solar Valley project, we are helping accelerate the country’s clean energy transition while backing infrastructure that contributes to energy security, emissions reduction, and resilient growth,” Chua said.

Alba Renewables is engaged in the development of utility-scale solar, wind and battery storage projects across Southeast Asia. So far, it has expanded its portfolio to 1,800 MW of wind, solar and power storage systems.

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Meanwhile, the Marcos administration has an ambitious target to scale up the share of renewables in the country’s power generation mix to 35 percent by 2030 from the current 22 percent.

However, an official from S&P Global earlier said the Philippines might only manage to increase the share of renewables to 27 percent amid existing grid and permitting challenges.

Vince Heo, director of Southeast Asia Power and Renewables Research at S&P Global, added that the Philippines’ goal of having a 50-percent renewables share by 2040 might only be realized by 2050.