Listed renewable energy (RE) firm Alternergy Holdings Corp. looks to raise P15 billion to pursue a 191-megawatt RE project.
Gerry Magbanua, Alternergy president, on Thursday told reporters the funding will come from the sale of debt notes and from internally generated funds.
“Funding for the 225-MW facility is locked in already but the additional 190- or 200-MW is something that we continue to seek in the next few months,” Magbanua said.
According to him, the enterprise typically implements projects on a project finance basis. This could mean 75 percent will be in the form of debt and 25 percent equity.
“In terms of the amount, 191-MW would probably require P15 billion of capex,” Magbanua said.
Alternergy said five of its projects with combined capacity of 242 MW are now under construction and expected operational by end-2025.
Under construction are the 128-MW Tanay wind power facility in Rizal, the 64-MW Alabat wind power project in Quezon, the 28-MW-peak Solana solar power project in Bataan, the 4.6-MW Dupinga run-of-river hydro project in Nueva Ecija, and the 17.4-MW Kiangan run-of-river project in Ifugao Province.
Alternergy targets to build a 500-MW renewable energy portfolio by 2026.
It manages an RE portfolio of 86 MW at the moment.
In a separate filing at the Philippine Stock Exchange, Alternergy reported a 239 percent increase in consolidated net income of P130 million as at end-June this year, improving from P38 million in 2023.
In the same period, the company also reported a 60 percent revenue surge to P275 million as consolidated assets also improved 79 percent to P8.7 billion.
