ALTERNERGY Holdings Corp. through its unit has obtained an P8-billion loan from two local banks for the development of its 112-megawatt (MW) wind project in Rizal province.
Alternergy Tanay Wind Corp. got loans from Bank of the Philippine Islands (BPI) and Security Bank Corp., the publicly listed local renewable energy developer said.
The company said the two banks lent P4 billion each, acting as co-lenders for the transaction, while BPI Capital Corp. and SB Capital Investment Corp. acted as joint lead arrangers.
“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,” Gerry P. Magbanua, president of Alternergy, said in a statement.
The development of the Tanay wind power project would start in June, Alternergy said, adding that the turbine supply contract had been awarded to Envision Energy. The engineering, procurement, and construction contracts were awarded to China Energy Engineering Group Guangdong Electric Power Design Institute Co. Ltd.
The energy company seeks to develop up to 1,370 MW of renewable energy sources such as onshore and offshore wind, solar and run-of-river hydropower projects.
For the next three years, the company aims to develop up to 474 MW of additional wind, solar and run-of-river hydropower projects.
Alternergy shares closed unchanged at 69 centavos each. — Ashley Erika O. Jose