MANILA, Philippines — Renewable power developer Alternergy Holdings Corp. (AHC) is on track to complete its massive wind farm in Rizal by end-2025, with installation of wind turbines targeted as early as next month.
AHC, through Alternergy Tanay Wind Corp. (ATWC), is currently developing the 128-megawatt (MW) Tanay Wind Power Project, the largest project to date under the group’s road to 500-MW target by 2026.
AHC and ATWC president Gerry Magbanua said the group plans to start putting up wind turbines by the first quarter next year.
The installation will be completed in batches.
According to Magbanua, the construction of the wind farm has further gained momentum following the additional capital infusion from project lenders Bank of the Philippine Islands (BPI) and Security Bank Corp.
The company recently received P1.97 billion in fresh capital, the second tranche of funding from the P8 billion non-recourse financing facility with the two banks.
“We are thankful to BPI and Security Bank for the continued collaboration and efficient facilitation of the required condition precedents, allowing the Tanay Wind Power Project to draw for the second time and within the project timeline,” Magbanua said.
The first drawdown in the amount of P1.6 billion was made available last month.
Following the latest transaction, the total amount already utilized by the project from the debt financing facility has reached P3.46 billion.
As of end-September, the wind project had received P1.5 billion as equity capital.
Earlier, ATWC sought approval from the Energy Regulatory Commission to build dedicated point-to-point limited transmission facilities that would connect the project into the Luzon grid.
The Tanay project is among the wind contracts awarded to AHC under the government’s second green energy auction program in July 2023.
With robust expansion plans in the next two years, the company wants to develop up to 500 MW worth of additional wind, solar and run-of-river hydro projects.