Alternergy secures P 8-B loan to bankroll wind project

MANILA, Philippines — Alternergy Holdings Corp. has secured an P8-billion loan to construct its 112-megawatt wind power project in Tanay, Rizal, which is set to break ground next month.

On Tuesday, the renewable energy company said the project financing was extended by the Bank of the Philippine Islands and Security Bank Corp. BPI Capital Corp. and SB Capital Investment Corp. were the joint lead arrangers for the transaction.

“We appreciate the full support and confidence extended by BPI and Security Bank,” Alternergy president Gerry Magbanua said in a statement.

READ: Alternergy plans new P4-B ‘green’ fundraising

With the funding in place, he said they were targeting to start the commercial operations of Tanay Wind Power Project by the end of 2025.

For this project, the wind turbine supply contract was awarded to global technology firm Envision Energy.

Green auction

China Energy Engineering Group Guangdong Electric Power Design Institute Co. Ltd and its local subsidiary were tapped for the plant engineering, procurement, and construction.

Alternergy, headed by former Energy Secretary Vicente Perez Jr., won the Tanay wind project in the Department of Energy’s second Green Energy Auction program held last year. It also won the Alabat Wind Power Project during the auction.

The listed company raised P1.62 billion from its initial public offering in March last year.

It earmarked P113 million of the proceeds for the Tanay wind project. Some P100 million, meanwhile, was allocated for the Alabat project in Quezon province.

Earlier this month, Alternergy announced its plan to raise up to P4 billion via a green corporate loan to fund its renewable energy projects.

Apart from Tanay and Alabat wind power projects, the company is also developing the Solana solar facility in Bataan. INQ