Alternergy Holdings Corp. and ABC Energy Inc. completed their ₱2.3 billion transaction for two wind power projects, securing financial backing as the facilities prepare to begin commercial operations later this year.

Under the finalized agreement, ABC Energy acquired a 40 percent equity stake in the project companies, according to Alternergy, which retains a 60 percent majority stake and management control over both operating units.

The final transaction value came in below the original ₱2.4 billion proposal due to early closing adjustment that followed the decision by parent firm A Brown Co. Inc. to finalize its equity investment ahead of the wind farms’ commercial operations.

The transaction was executed through a combination of share subscriptions and share purchases in Alternergy Tanay Wind Corp. and Alabat Wind Power Corp.

The Philippine Competition Commission (PCC) cleared the transaction in March, removing antitrust hurdles for the partnership between the two listed firms.

The deal strengthens Alternergy’s capital base as the renewable developer aims to add up to 500 megawatts of additional clean energy capacity by the end of the year, Gerry P. Magbanua, Alternergy president said.

Magbanua noted that the decision by A Brown to close the deal early underscores confidence in Alternergy's growth strategy.

Walter Brown, A Brown chairman emeritus, said the transaction aligns with the company’s corporate focus on sustainable development and building cleaner, more secure energy infrastructure.

The Tanay and Alabat facilities represent a combined capital outlay of roughly ₱18 billion. Funding partners for the joint development include Bank of the Philippine Islands, Security Bank Corp., and Rizal Commercial Banking Corp.

The 128-megawatt Tanay Wind Power Project in Rizal province has reached 89 percent completion and is undergoing final commissioning ahead of targeted commercial operations in October.

Meanwhile, the 64-megawatt Alabat Wind Power Project in Quezon province has reached 83 percent completion.

Both developments are among the first under the Department of Energy’s second Green Energy Auction Program round to reach advanced construction phases. (Gabriell Christel Galang)