Alternergy Holdings Corp. said Monday it infused P2.9 billion in capital as of September 2024 to bankroll the construction of a solar and two wind power projects.
Alternergy president Gerry Magbanua said the equity infusion as of September 2024 to Alternergy Tanay Wind Corp. (ATWC) for the 128-megawatt Tanay Wind Power Project reached P1.5 billion and another P1.1 billion to Alabat Wind Power Corp. for the 64-MW Alabat Wind Power Project.
Equity infusion to the Solana Solar Alpha Inc. (SSAI) for the 28-MW Hermosa Solar Power Project reached P342 million. Alternergy owns 100 percent of the three companies created as special purpose vehicles for the said projects.
“With the capital infusion so far, ALTER 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 end-2025 based on the committed delivery date under the Green Energy Auction 2 Program (GEA 2 program), while the Hermosa Solar Power Project is to be completed by the second quarter 2025.
Alternergy said the initial equity infusions for the three projects partly came from the initial public offering (IPO) proceeds and the P2-billion green finance loan secured from BDO Unibank Inc.
Magbanua said additional funds from project lenders under the signed omnibus loan and security agreement (OLSA) 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 (BPI) and Security Bank.
The Alabat Wind Power Project also secured P5.3 billion in project finance from Rizal Commercial Banking Corp. (RCBC).
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.
Alternergy debuted at the Philippine Stock Exchange as the first initial public offering (IPO) in March 2023. It was included in the PSE industrial index in August 2024.
