Alternergy currently operates the 54-megawatt Pililla wind farm in Rizal province. —PHOTO FROM ALTERNERGY WEBSITE
MANILA, Philippines — The wind power project of listed Alternergy Holdings Corp. in Rizal province received an additional P1.97 billion in funding to support the deployment of its turbines by early 2025.
In a disclosure on Friday, the group said its unit Alternergy Tanay Wind Corp. (ATWC) received the second tranche of funding from lenders Bank of the Philippine Islands and Security Bank Corp.
The fresh fund was part of the P8-billion loan deal it signed with the two banks.
READ: Alternergy now owns 3 offshore wind projects
It was only last month, in November when ATWC secured the first tranche amounting to P1.6 billion.
Before that, the 128-megawatt (MW) wind project secured P1.5 billion as equity capital in September.
“The construction of the Tanay Wind Power Project further gains momentum with the additional capital infusion from the second drawdown,” said Gerry Magbanua, president of Alternergy and ATWC.
“This will facilitate timely installation of the wind turbines by the first quarter of 2025,” he added.
Alternergy said the Tanay wind project is its biggest project yet under its goal to expand its portfolio to 500-MW capacity by 2026.
The development is targeted for completion by the end of next year.
In November, the group strengthened its position in the planned offshore wind market in the Philippines, as it now has in its portfolio three projects over Tablas Strait, an area that separates Mindoro and Panay Island as well as the islands of Romblon province.
Bought from Big Oil
The company previously disclosed to the local bourse that it acquired the interest of Shell Overseas Investment BV in Tablas Strait Offshore Wind Power Corp., which is engaged in the development of the Tablas Strait 1, 2 and 3 Offshore Wind Projects.
The group could not provide yet the target capacity for the three projects but noted they were within a wind corridor that the World Bank identified as an optimal location for such facilities.
Alternergy is a listed renewable energy producer, focusing on wind, run-of-river hydro, solar farm and commercial rooftop, battery storage, and offshore wind projects.