Alternergy Holdings Corp. said Wednesday its unit Alternergy Tanay Wind Corp. (ATWC) received the first tranche of funding from Bank of the Philippine Islands (BPI) and Security Bank Corp.
Alternergy said in a statement an initial P1.5 billion was injected into the 128-megawatt Tanay Wind Power Project in Rizal province from the P8 billion non-recourse financing facility with BPI and Security Bank as co-lenders.
“The construction of the Tanay Wind Power Project is on full steam as more capital is infused. Our project financing facility has released the first drawdown following successful completion of the conditions precedent set by the lenders,” said Alternergy chief finance officer Carmen Diaz.
Diaz expressed appreciation to BPI and Security Bank for working collaboratively to ensure that the drawdown is secured in a timely manner.
Aside from the project finance facility, the Tanay Wind Power Project has also received P1.5 billion as equity capital as of September 2024.
“With more fund infusion on a timely manner, the construction of the Tanay Wind Power Project is progressing as scheduled,” Diaz said
The Tanay Wind Power Project is estimated to cost P11.5 billion and is expected to be completed by end-2025.
ATWC will install 16 wind turbine generators (WTG) with a rated capacity of 8 MW each, which it said is the largest onshore wind tower to be installed in the country.
It will be Alternergy’s second wind project in Rizal province, next to the 54-MW Pililla Rizal Wind farm which has been operating since 2015.
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. Alena Mae S. Flores
