Alternergy unit secures P8 billion for wind energy project

MANILA, Philippines — Renewable energy firm Alternergy Holdings Corp. (Alternergy) borrowed P8 billion from two banks to finance the construction of a 112 megawatt (MW) wind power project in Rizal province.

Alternergy through indirect wholly owned subsidiary Alternergy Tanay Wind Corp. secured the financing from Ayala-led Bank of the Philippine Islands (BPI) and Security Bank Corp., which serve as co-lenders.

The loan will be used to bankroll the construction of the 112 MW Tanay wind power project in Rizal, the firm said. The financing will allow the energy firm to break ground in June.

“We are delighted to partner with BPI and Security Bank for the first time. Their support comes at a critical time as we push forward with accelerated construction to bring our Tanay wind power project into commercial operations by end 2025,” Alternergy president Gerry Magbanua said.

The company noted that the Tanay wind power project along with another wind project in Alabat, Quezon were winning bidders in the Department of Energy’s (DOE) second round of the Green Energy Auction Program.

In March, Alternergy received the go signal from the DOE to start constructing the two wind power projects in Calabarzon.

The company is building up to 174 MW of energy capacity in the next 20 months with the construction of the two wind projects.

Alternergy has a portfolio of various renewable energy projects including wind, run-of-river hydro, solar farm and commercial rooftop, battery storage and offshore wind projects.

The firm aims to develop up to 474 MW of additional wind, solar and run-of-river hydro projects in the next three years.