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Alternergy gets P8-billion funding for Tanay wind project

Business

Alternergy gets P8-billion funding for Tanay wind project

By Gabriell Christel Galang

Renewable power pioneer Alternergy Holdings Corp. announced that the Tanay wind power project has received P8 billion in financing.

Alternergy’s wholly-owned subsidiary, Altenergy Tanay Wind Corp. (ATWC) said it secured a loan to construct the 112-megawatt (MW) power project in Rizal province.

BPI Capital Corp. and SB Capital Investment Corp. were the joint lead arrangers for the fundraising, as Alternergy President Gerry P. Magbanua commended their first-time partnership with both lenders.

“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,” he said.

Because of the financing, the project will break ground by June of this year.

The Tanay wind power project is one of the winning bidders in the second round of the Green Energy Auction Program (GEAP) awarded by the Department of Energy (DOE). The other awarded project under Alternergy was the Alabat Wind Power Project in Quezon.

Tanay wind power also secured a wind turbine supply contract with Envision energy, as well as the balance of plant engineering, procurement, and construction contract from Guangdong Electric Power Design Institute Co. Ltd. (GEDI), which is China’s energy engineering firm.

Previously, Alternergy received engineering support from Danish technical consulting corp. K2 Management to ensure the project’s successful expedition process.

Related Tags

Alternergy Holdings Corporation tanay wind farm

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