Renewable power pioneer Alternergy Holdings Corp. has secured a green corporate loan to continue constructing its renewable power projects for 2024.
Alternergy announced on Wednesday, May 8, that it will have a P4 billion green corporate loan to be utilized for projects like the Tanay and Alabat Wind Power construction in Rizal and Quezon, as well as the Solana Solar Power Project located in Hermosa, Bataan.
The three renewable energy (RE) projects are said to generate an additional 204 megawatt (MW) new capacity, boosting Alternergy’s growth and helping with the country’s issue with supply generation.
Alternergy President Gerry P. Magbanua expressed gratitude after receiving the board of approval for the loan, stating “We are pleased to receive the final board go signal to expand the company’s capital raising initiatives. This would boost the financial capacity of our shovel-ready projects to immediately commence construction.”
The Alternergy chief also believed that the Philippines’ power sector needs new electricity capacity to meet the growing demand.
“Once operational by the end of 2025, will provide new, clean, and sustainable power in response to the government’s call to build up the country’s power supply security and reliability,” he added.