In order to support the construction of its two wind power projects with approximately 164 megawatts (MW) capacity, Alternergy Holdings Corp. has sought assistance from three investment banks to help raise PHP 12 billion worth of project financing deals.
The company has sought assistance from BPI Capital, RCBC Capital, and SB Capital.
According to the Philippine Star, the energy firm issued a mandate after a competitive process and hopes for the support of three investment houses in finalizing the terms and structure of the debt financing for its two upcoming wind power projects located in Tanay, Rizal and Alabat, Quezon.
Alternergy Chairman Vicente Pérez said they are delighted to be working alongside them knowing they will support the expansion of their green loan funding.
Alternergy President Gerry Magbanua said the company and the three investment banks target to close the deal before the year ends.
The company official said that transactions would lead to the utmost benefit of the two wind projects, which Alterenergy won under the Green Energy Auction 2 (GEA 2) program of the Department of Energy (DOE).
The Tanay and Alabat wind projects, which are both anticipated to be completed by 2025, are part of the company’s commitment to the country’s renewable energy goals.
Alternergy commits to expanding its capacity and aims to achieve an additional 1,370 MW of wind, offshore, solar, and hydro projects in the next five years.