September 2, 2024 | 12:00am
MANILA, Philippines — Alternergy Holdings Corp. is accelerating the development of its renewable energy projects with the second tranche of a green corporate loan facility.
After signing a P2-billion green loan with the Sy family’s BDO Unibank Inc. in May, the company is setting its sights on another P2 billion in fresh funds to fuel its growth and expansion.
“We are still in the process of our capital raising, and hopefully we can close by the end of the year,” Alternergy CFO Maria Carmen Diaz told The STAR.
Diaz kept details about the planned fundraising under wraps, noting that “we are (still) doing our roadshows.”
Earlier this year, the Alternergy board approved the P4-billion credit facility as part of the company’s efforts to support the timely construction of its renewable power projects.
These include the 112-megawatt Tanay wind project in Rizal, the 64-MW Alabat wind project in Quezon and the 28-MW Solana solar development in Hermosa, Bataan.
For the three projects, Alternergy expects to contribute a total of 204 MW of clean, renewable and sustainable capacity to the Luzon grid by the end of 2025.
The company is also gearing up for the development of its project pipeline in a bid to reach 500 MW of total generating capacity by 2026.
Despite macroeconomic headwinds, Alternergy president Gerry Magbanua earlier told The STAR that they were seeing “bullish” growth this fiscal year – July 2024 to June 2025 – following the activation of the Palau project.
The firm and its unit, Solar Pacific Energy, recently switched on the Republic of Palau’s first solar and battery energy storage system project, which it said is the largest of its kind in the Western Pacific region.
“As the development of these new projects progresses, a new capital-raising program will also take off. Alternergy is focused on building more renewable and sustainable energy projects,” Magbanua noted.
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