Clean energy developer Alternergy Holdings Corp. has secured a P2 billion green loan from BDO Unibank Inc. to fund further its pipeline of renewable energy projects.
Alternergy said the loan is part of a capital funding strategy supporting the timely construction of its renewable power projects, particularly the Tanay and Alabat wind power projects in Rizal and Quezon, as well as the Solana solar power project in Hermosa, Bataan.
The loan demonstrates Alternergy’s “commitment to sustainability by strictly adhering to the international principles, guidelines and standards on green finance instruments,” said Gerry Magbanua, Alternergy president, in a statement.
“BDO has been a long-time partner to Alternergy over the years in building our portfolio as a pure-play renewable company. We welcome once again BDO’s leading role in our innovative sustainability- linked financial instrument,” Magbanua added.
BDO Capital and Investment Corp. acted as lead arranger of the transaction while Romulo Law served as lender’s counsel. MVGS Law serves as borrower’s counsel.
Earlier, Alternergy subsidiary Alternergy Tanay Wind Corp. secured an P8 billion financing facility from the Bank of the Philippine Islands and Security Bank Corp. as co-lenders.
Alternergy on Tuesday said the loan proceeds will fund the construction of the 112-megawatt Tanay wind power project in Tanay, Rizal.
Having secured financing for the Tanay wind project, Alternergy is set to break ground in June.
Alternergy said the wind and solar projects combined will add up to 204 MW of new capacity to its clean energy portfolio by 2025 as programmed.
Only last year Alternergy planned putting up to 350 MW worth of projects in three to five years, broken down as 33 MW solar, 220 MW onshore wind and 50 MW as run-of-river hydro projects.
