Renewable energy developer Alternergy Holdings Corporation has secured the first tranche loan funding from Bank of the Philippine Islands (BPI) and Security Bank Corporation for its Tanay, Rizal wind energy project.
In a disclosure to the Philippine Stock Exchange on Thursday, Alternergy said its unit Alternergy Tanay Wind Corporation (ATWC) received P1.5 billion from its lending partners for the 128-megawatt (MW) Tanay Wind Power Project.
The P1.5-billion initial infusion was the first tranche of the P8-billion financing facility ATWC inked with BPI and Security Bank.
The Tanay Wind Power Project would be Alternergy’s largest project so far under its 500 MW renewable energy capacity target by 2026.
The project is expected to be completed by end of 2025, the company said.
“The construction of the Tanay Wind Power Project is on full steam as more capital is infused. Our project financing facility has released the first drawdown following successful completion of the conditions precedent set by the lenders,” said Carmen Diaz, Alternergy chief finance officer.
Diaz also expressed appreciation to BPI and Security Bank for the timely infusion of the first tranche of loan funding for ATWC’s wind energy project.
Aside from the financing facility from BPI and Security Bank, Alternergy said the Tanay Wind Power Project has also received a total of P1.5 billion as equity capital as of September 2024.
“With more fund infusion in a timely manner, the construction of the Tanay Wind Power Project is progressing as scheduled,” said Diaz. — VDV, GMA Integrated News
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