Alternergy Holdings Corp. said Tuesday its wholly-owned subsidiary Alternergy Tanay Wind Corp. has secured a loan from the Bank of the Philippines Islands and Security Bank Corp. for up to P8 billion.
The loan will fund ATWC’s 86-megaWatt wind farm project in Rizal province.Alternergy said the agreement requires ATWC shares held by Alternergy Wind Holdings Corp. be used as mortgage to guarantee the loan and the listed company to sponsor the undertaking.BPI Capital Corp. and SB Capital Investment Corp. were the joint lead arrangers for this transaction.
Alternergy also said the Securities and Exchange Commission has approved the equity restructuring of its fully-owned unit Alternergy Wind Holdings, which was formerly known as Pililla AVPC Corp.
The equity restructuring will wipe out the P130.4 million in retained earnings deficit with Alternergy’s contribution of P308.5 million in paid-in capital.
