Renewable energy firm Alternergy Holdings Corp. has successfully secured the first tranche of funding for its 128-megawatt Tanay wind power project. The company’s unit, Alternergy Tanay Wind Corp., received an initial P1.5 billion from project lenders Bank of the Philippine Islands (BPI) and Security Bank Corporation, P8 billion in non-recourse financing.
In a statement released Wednesday, Alternergy said the first drawdown, which follows the completion of the conditions set by the lenders. Carmen Diaz, Alternergy chief finance officer, said the project’s construction is now “full steam ahead” as a result of this capital infusion.
“The release of the first drawdown marks a significant milestone in our project’s development. With continued timely fund injections, we are confident the Tanay wind power project will remain on track for completion by the end of 2025,” Diaz said.
In addition to the loan, Alternergy also raised P1.5 billion in equity capital for the project as recently as September 2024. The company is working on meeting the necessary conditions for future drawdowns, ensuring smooth financial support for the project’s ongoing development.
The Tanay wind project, which is part of Alternergy’s broader renewable energy expansion strategy, is designed to help contribute significantly to the goal of achieving a 500-MW renewable energy portfolio by 2026. Alternergy has an existing renewable energy portfolio of 86 MW.
Alternergy’s ambitious plans are part of the company’s ongoing commitment to scaling up its clean energy generation capacity and supporting the country’s transition to a more sustainable energy future.
