Alternergy secures P8-b fund for Tanay wind power project

By Alena Mae S. Flores – May 28, 2024, 8:15 pm
from manilastandard.net

Alternergy Holdings Corp. said Tuesday its wholly-owned subsidiary Alternergy Tanay Wind Corp. (ATWC) secured up to P8 billion in financing facility to fund the construction of its 112 megawatt Tanay Wind Power Project in Tanay, Rizal.

Alternergy said in a disclosure to the Philippine Stock Exchange (PSE) it secured the project financing from the Bank of the Philippine Islands (BPI) and Security Bank Corp.

BPI Capital Corp. and SB Capital Investment Corp. acted as mandated joint lead arrangers for the transaction.

“We are delighted to partner with BPI and Security Bank for the first time. Their support comes at a critical time as we push forward with accelerated construction to bring our Tanay Wind Power Project into commercial operations by end 2025,” Alternergy president Gerry Magbanua said.

The Tanay wind power project and the Alabat wind power project are among the winning bidders in the Department of Energy’s second round of the Green Energy Auction Program.

Alternergy said that with project financing secured for its Tanay Wind Project, it is set to break ground in June 2024.

Alternergy 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. (GEDI) and its local subsidiary.

Danish technical consulting firm K2 Management is the project’s owner’s engineer that will support Alternergy in ensuring the successful and timely construction of the project.