Alternergy Holdings Corp. has infused P2.9 billion in capital as of September this year to bankroll the construction of three renewable energy projects, two in wind and one in solar.
Gerry Magbanua, Alternergy president, said in a statement yesterday equity infusion for the 128 megawatts (MW) Tanay wind power project in Rizal has reached P1.5 billion while for the 64 MW Alabat wind power project in Quezon Province, the amount of investment has amounted to P1.1 billion.
Alternergy said another P342 million equity infusion has been made for the 28 MW Hermosa solar power project in Bataan.
“Alternergy is keen to ensure timely completion of the three projects,” Magbanua said.
The Tanay and Alabat wind power projects are expected to be completed by the end of 2025 based on the committed delivery date under the Green Energy Auction 2 program while the Hermosa solar power project is to be completed by second quarter of 2025.
Alternergy said initial equity infusions for the three projects were funded by the proceeds of the initial public offering and the P2-billion Green Finance Loan secured from BDO Unibank Inc.
Magbanua said additional funds from its project lenders under an omnibus loan and security agreement are expected to flow immediately following drawdowns.
The Tanay wind power project secured P8 billion in syndicate project finance from the Bank of the Philippine Islands and Security Bank while the Alabat wind power project secured P5.3 billion in project finance from Rizal Commercial Banking Corp.
The three projects are part of Alternergy’s target to reach 500 MW of generating capacity by 2026 as it continues to beef up its pipeline of projects beyond the 500 MW goal.
At present, the company’s existing RE portfolio is at 86 MW.
