ALTERNERGY Holdings Corp. through its wholly-owned
subsidiary Alternergy Tanay Wind Corp. (ATWC) has secured P8 billion financing facility from the Bank of the Philippine Islands (BPI) and Security Bank Corp. as co-lenders.
Alternergy said in a disclosure to the Philippine Stock Exchange yesterday the amount will fund the construction of its 112 megawatts (MW) Tanay wind power project in Tanay, Rizal.
The company said BPI Capital Corp. and SB Capital Investment Corp. acted as mandated joint lead arrangers for the transaction.
Gerry Magbanua, Alternergy president, said this will enable the company to accelerate the construction of the wind power project for it to be into commercial operations by end 2025.
Alternergy is set to break ground on the project in June.
The company previously awarded the wind turbine supply contract to global technology leader Envision Energy and the balance of plant engineering, procurement and construction contract to China Energy Engineering Group Guangdong Electric Power Design Institute Co. Ltd. and its local subsidiary for the Tanay wind project.
Danish technical consulting firm K2 Management will also serve as the project owner engineer that will support Alternergy to ensure successful and timely construction of the project.
