Alternergy Holdings Corporation (Alternergy) has borrowed Php 8 billion from two banks to fund the construction of a 112-megawatt (MW) wind power project in Rizal province.
Alternergy’s indirect wholly owned subsidiary, Alternergy Tanay Wind Corp., obtained the financing from the Bank of the Philippine Islands (BPI) and Security Bank Corp and were named co-lenders.
The loan will support the construction of the 112 MW Tanay wind power project in Rizal, which is set to commence in June.
Alternergy President Gerry Magbanua expressed delight in partnering with BPI and Security Bank, noting their support is crucial as the company aims to accelerate the construction and bring the Tanay wind power project into commercial operations by the end of 2025.
The company highlighted 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 approval from the DOE to begin constructing the two wind power projects in the Calabarzon region.
Alternergy plans to build up to 174 MW of energy capacity in the next 20 months through the construction of these two wind projects.
The company’s renewable energy portfolio includes wind, run-of-river hydro, solar farms, commercial rooftop solar, battery storage, and offshore wind projects.
Alternergy aims to develop up to 474 MW of additional wind, solar, and run-of-river hydro projects within the next three years.
