Alternergy Holdings Corp. said Bank of the Philippine Islands approved a funding facility of up to P4 billion for the Tanay Wind Power Project in Rizal, yet another step in the country’s transition to green energy.
The Tanay Wind Power Project is the first asset financed under the green bond issued by BPI, with support from the International Finance Corp., the private investment arm of the World Bank.
Alternergy president Gerry P. Magbanua expressed excitement over the alignment of values and commitment to sustainability shared by Alternergy and BPI. “This partnership reflects our shared vision for a sustainable future,” said Magbanua, underscoring the importance of the collaboration.
BPI, in turn, highlighted its pride in supporting Alternergy’s largest project to date, which promises substantial environmental and societal benefits. “This project will have a lasting positive impact on the Philippines,” said John-C Syquia, BPI head of Institutional Banking. The partnership also integrates BPI and IFC’s environmental and social management standards into the project’s facility agreement.
Alternergy’s Tanay Wind Power Project, expected to be completed by the end of 2025, will help accelerate the Philippine government’s renewable energy goals. The project received additional financial backing in May 2024, securing a P8 billion syndicated loan facility, with BPI as a key co-lender. This collaboration signals a promising future for the Philippines’ energy sector.
