Alternergy seeks more funds to hit clean energy goal
MANILA, Philippines — Renewable energy developer Alternergy Holdings Corp. raised P20 billion in 15 months since becoming a publicly listed company, saying the money would help advance its renewable energy agenda.
Alternergy said the money it secured would help fund the construction of new renewable energy projects with an aggregate capacity of 204 megawatts (MW).
In a press briefing on Monday, Alternergy president Gerry Magbanua said half of the funding would go to the construction of the 112-MW Tanay Wind Power Project in Rizal province.
Magbanua said P7 billion would be spent on the 64-MW Alabat Wind Power Project in Quezon province and P1.3 billion on the 28-MW Solana Solar Power Project in Hermosa town in Bataan.
Alternergy has been securing financing from different financial institutions to bankroll expansion plans as it eyes 500 MW of clean energy capacity by 2026.
“We do have other expenses also to keep building our pipeline,” he added.
Fundraising for expansion
Last week, subsidiary Alternergy Tanay Wind Corp. obtained an P8-billion loan from Bank of the Philippine Islands and Security Bank Corp. for the Tanay project.
Alternergy also secured a P2-billion green corporate loan from BDO Unibank Inc. for the three new renewable projects.
Another P6.3 billion in financing is in the final stages, according to the company, while the second tranche of a green corporate loan is being finalized.
Prior to this, Alternergy raised P1.45 billion from the sale of preferred shares and another P1.62 billion from its initial public offering (IPO).
“The loans so far secured are under the Green Finance Framework we crafted with the Asian Development Bank (ADB), while our inaugural IPO had been successful even … amidst volatile market sentiments,” Magbanua said in a disclosure.
“Once the final signing of the remaining P6.3 billion are done, we expect to go back to the drawing board to further plan for the next round of capital raising activity to reach our medium-term target of 500 MW capacity by 2026,” he added.
Apart from the three projects, Alternergy will also develop the Liberty aquavoltaic project in Tarlac and expand its solar rooftop projects.
The company currently operates projects with a total capacity of 86 MW. INQ
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