September 15, 2024 | 12:00am
MANILA, Philippines — Alternergy Holdings Corp. is loading up its artillery with new green energy projects within the next two years as it shoots for a 500-megawatt (MW) target.
By 2026, the company intends to deploy and activate additional solar and wind power projects with a combined capacity of 174 MW across Luzon.
Alternergy is currently working to advance the construction of the 80-MW Liberty aqua voltaic solar project in Paniqui, Tarlac, noting that technical studies have already been completed.
“We are currently conducting other permitting requirements. Our goal is to bring this project shovel-ready by next year,” Alternergy president Gerry Magbanua said.
The listed firm also plans to beef up its renewable energy fleet, with five projects coming on stream as early as October next year.
These include the 17.6-MW run-of-river hydro project in the municipality of Kiangan in Ifugao and another 4.6-MW hydro project in Dupinga River in Nueva Ecija.
Alternergy said the development of its 128-MW Tanay wind project in Rizal and 64-MW Alabat wind project in Quezon is in “full swing,” while the 28-MW Solana solar project in Bataan is set to start construction.
“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 its initial public offering in March 2023, Alternergy has raised about P20 billion in capital to fund these projects.
It recently secured P8 billion in loans from Bank of the Philippine Islands and Security Bank Corp. and a P5.3-billion project facility from Rizal Commercial Banking Corp.
After signing a P2-billion green loan with BDO Unibank Inc. in May, Alternergy is now setting its sights on another P2 billion in fresh funds within the year.
“The strong support from the banks and other financial institutions has paved the way to accelerate the development of these projects,” Magbanua said.
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