Alternergy Holdings Corp., a local renewable energy developer, infused additional capital of P2.9 billion in September this year to advance its ongoing renewable energy projects. This investment supports the construction of two wind-driven and one solar powered project.
According to Gerry Magbanua, president of Alternergy, the company allocated P1.5 billion for the 128-megawatt (MW) Tanay wind power project in Rizal and P1.1 billion for the 64 MW Alabat wind power project in Quezon Province. Additionally, P342 million has been invested in the 28-MW Hermosa solar power project in Bataan.
“With this capital infusion, Alternergy is committed to ensuring the timely completion of these projects,” Magbanua said.
The Tanay and Alabat wind projects are slated for completion by the end of 2025 under the Green Energy Auction 2 program, while the Hermosa solar project is expected to finish by the second quarter of 2025.
Alternergy said the initial funding for the projects was partly derived from its initial public offering proceeds and from the P2 billion Green Finance Loan secured from BDO Unibank Inc. Magbanua said further financial support from project lenders is anticipated to follow soon under a signed omnibus loan and security agreement.
The Tanay wind power project has secured P8 billion in syndicate project financing from the Bank of the Philippine Islands and Security Bank, while the Alabat wind project received P5.3 billion from Rizal Commercial Banking Corp.
These initiatives are integral to Alternergy’s goal of achieving 500 MW of generating capacity by 2026, with plans to expand its project pipeline beyond this target. Currently, the company’s renewable energy portfolio stands at 86 MW.
