Renewable energy (RE) firm Alternergy Holdings Corp. plans to increase power capacity in the next two years by constructing wind power projects in Rizal and Quezon and a solar power project in Bataan.
In a statement, Alternergy said it is targeting a 500-megawatt capacity by 2026 as the company began the construction of its three RE projects with a total capacity of 220 MW.
Gerry Magbanua, Alternergy president said that the firm is expecting an additional energy capacity before the yearend.
“The Tanay and Alabat Wind Power Projects are in full-swing construction now after we broke ground in May and June. Our Solana Solar Power Project has also issued the Notice to Proceed with the construction,” he said.
The Tanay wind power project in Rizal received a project finance loan worth P8 billion from the Bank of the Philippine Islands (BPI) and Security Bank.
Meanwhile, the Alabat wind power project secured a P5.3 billion loan facility from the Rizal Commercial Bank Corp. (RCBC).
The company also received a P2 billion green corporate loan from Banco De Oro Unibank, Inc. (BDO). Magbanua lauded the strong support from the banks and financial institutions to expedite the project developments.
“These three projects combined with our Dupinga and Kiangan run-of-river hydropower projects that have been in construction would add 242 MW of capacity by the end of 2025,” Magbanua said.
Since the company’s initial public offering (IPO) last March 2023, Alternergy was able to raise its capital to P20 billion to fund the projects.
“In the past couple of months, a total of P15.3 billion has been raised,” Alternergy said.
Besides the three RE constructions, Alternergy is advancing the 80 MW Liberty aqua voltaic solar power project in Paniqui, Tarlac.
“The technical studies for the Liberty aquavoltaic solar power project have been completed consisting of geotechnical, hydrological, and topographical studies. We are currently conducting other permitting requirements. Our goal is to bring this project shovel-ready by next year.” Magbanua elaborated.
According to Alternergy, its developments would support the government’s goal to boost RE share by 35 percent in 2030 and 50 percent by 2040.