MANILA, Philippines — Alternergy Holdings Corp. lined up another fundraising activity to raise up to P4 billion for renewable energy projects in the pipeline.
The board approved tapping a green corporate loan to ensure the “timely construction” of planned renewable facilities this year, Alternergy said in a disclosure on Wednesday.
Proceeds will be used to build the Tanay and Alabat wind power projects in Rizal and Quezon provinces, respectively. It will also finance the Solana solar facility in Bataan.
“This would boost the financial capacity of our shovel-ready projects to immediately commence construction,” Alternergy president Gerry Magbanua said.
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Its subsidiary Alternergy Tanay Wind Corp. is the project proponent of a 100-megawatt (MW) wind power project in Tanay town.
Another subsidiary, Alabat Wind Power Corp., is undertaking the 64-MW wind power project in Alabat town.
Alternergy already signed commercial contracts and key agreements to jumpstart the construction of Tanay and Alabat wind power plants in the second quarter of this year.
Wind, solar power projects
Previously, it reallocated P64.86 million of proceeds from its initial public offering for both wind facilities.
Alabat and Tanay wind projects are among the winning bidders under the Department of Energy’s second Green Energy Auction Program to supply electricity from non-conventional sources of energy.
Meanwhile, Alternergy, through project company Solana Solar Alpha Inc., is developing the 28-MW solar power project in Hermosa town.
The renewable projects, according to the company, will inject up to 204 MT of new capacity. This will help the country meet the increasing electricity demand.
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“The country’s power sector is in urgent need of additional and new capacity to address growing electricity demand. Alternergy’s new projects, once operational beginning [the] end of 2025, will provide new, clean, and sustainable power in response to the government’s call to build up the country’s power supply security and reliability,” Magbanua said.
Alternergy had bared plants to undertake up to 474 MW of additional wind, solar, and run-of-river hydro projects in the next three years. INQ