Listed renewable power firm Alternergy Holdings Corp. said Monday it has engaged three local investment houses to arrange a P12 billion project finance structure to bankroll two wind projects won in the Department of Energy’s Green Energy Auction 2.
Named lead arrangers for the fund raising after a competitive process are investment houses RCBC Capital, BPI Capital and SB Capital.
Alternergy said the debt financing is meant for the Tanay Wind Power Project in Rizal and Alabat Wind Power Project in Quezon.
The Tanay and Alabat wind projects have a combined capacity of up to 164 megaWatts and are expected to be completed by 2025.
“We are forging the path to a sustainable future and fully committed to support the National Renewable Energy Program to increase the share of the clean energy generation mix to 35% by 2030 through our climate change mitigation business operations,” said Alternergy chairman Vicente Pérez Jr., a former energy secretary.
Alternergy has a strong track record of completing construction of renewable power projects through project financing since 2014.
Gerry Magbanua, president of Alternery, said the P12 billion mandate is the largest project financing deal so far for the renewable energy pioneer. He said the investment banks are eager to proceed with the transaction and target financial closing before the end of the year.
Alternergy, which debuted on the Philippine Stock Exchange in March, aims to develop up to 1,370 MW of additional wind, offshore wind, solar and run of river hydro projects over the next five years.
