The board of directors at Alternergy Holdings Corp. has approved its bid to secure up to P4 billion worth of loans from lenders to support the construction of the company’s new renewable power projects this year.
“We are pleased to receive final board go signal to expand the company’s capital raising initiatives. This would boost financial capacity of our shovel-ready projects to immediately commence construction,” said Gerry Magbanua, Alternergy president, in a regulatory filing on Wednesday.
According to the company, loan proceeds will finance the construction of the Tanay and Alabat wind power projects in Rizal and Quezon province as well as for the Solana solar power project in Hermosa, Bataan.
All three projects will add up to 204 megawatts of new capacity and help address the country’s power generation constraints.
“The country’s power sector is in urgent need of additional and new capacity to address growing electricity demand. Alternergy’s new projects, operational beginning end-2025, will provide new, clean and sustainable power in response to the government’s call to build up the country’s power supply security and reliability,” Magbanua said.
Just last year, Alternergy bared plans to generate up to 350 MW of power projects in three to five years broken down as 33 MW for solar, 220 MW for onshore wind and 50 MW for run-of-river hydro projects.
Alternergy recently completed technical feasibility studies on offshore wind projects with Shell Overseas Investment B.V.
Four possible sites were found promising upon evaluation, the compnay said.
