CONSTRUCTION of three new power projects is in full swing, Altenergy Holdings Corp. said, with the company having secured fresh funding to meet its 500-megawatt (MW) capacity target by 2026.
“The Tanay and Alabat wind power projects are in full-swing construction now after we broke ground in May and June,” Alternergy President Gerry Magbanua told the stock exchange on Friday, adding that the company’s Solana Solar Power Project had also issued a notice to proceed with construction.
“These three projects, combined with our Dupinga and Kiangan run-of-river hydro power projects that have been in construction, would add 242 MW of capacity by end of 2025,” Magbanua added.
Since its initial public offering in March last year, Alternergy has raised P20 billion to fund its projects, and in the past couple of months, a total of P15.3 billion has also been raised, the company said.
The Tanay project has secured a project finance loan of P8 billion from Bank of the Philippine Islands (BPI) and Security Bank, while the Alabat project has also secured a project finance facility from Rizal Commercial Banking Corp. amounting to P5.3 billion, plus a P2-billion green corporate loan from BDO Unibank Inc.
“The strong support from the banks and other financial institutions has paved the way to accelerate the development of these projects,” Magbanua added, noting that Alternergy is working to advance the development of new projects such as the 80-MW Liberty aquavoltaic 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.”
Alternergy is 174 MW away from its 2026 target and the company is said to be looking at new wind and solar projects in Luzon for 2026.
Its portfolio consists of companies engaged in different RE projects including wind, run-of-river hydro, solar farms and commercial rooftops, battery storage, and offshore wind projects.
Alternergy lost 2 centavos, or 2.67 percent, to close at P0.73 apiece on Friday.
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