ALTERNERGY Holdings Corp. (ALTER) has injected capital amounting to P2.9 billion as of September to finance the ongoing construction of its two wind power projects and a solar power project.
Broken down, a total of P1.5 billion has been infused into Alternergy Tanay Wind Corp. for the 128-megawatt (MW) Tanay Wind Power Project in Rizal province and P1.1 billion into Alabat Wind Power Corp. for the 64-MW Alabat Wind Power Project in Quezon province, the company said in a statement on Monday.
For the 28-megawatt-peak Hermosa Solar Power Project in Bataan, a total of P342 million has been infused into Solana Solar Alpha, Inc.
Alternergy owns 100% of the three companies created as special purpose vehicles for the said projects.
“With the capital infusion so far, ALTER is keen to ensure timely completion of the three projects,” Alternergy President Gerry P. Magbanua said.
The Tanay and Alabat Wind Power Projects are expected to be completed by the end of 2025, based on the committed delivery date under the government’s green energy auction program last year.
The Hermosa Solar Power Project is slated for completion by the second quarter of 2025.
The initial equity infusions for the three projects as of September partly came from the use of proceeds from the initial public offering and the P2-billion green finance loan secured from BDO Unibank, Inc.
Mr. Magbanua said that additional funds from its project lenders under the signed omnibus loan and security agreement are expected to flow immediately following drawdowns.
The Tanay Wind Power Project secured P8 billion in syndicate project finance from the Bank of the Philippine Islands and Security Bank Corp.
The Alabat Wind Power Project, on the other hand, obtained P5.3 billion in project finance from Rizal Commercial Banking Corp.
The three projects are part of Alternergy’s target to reach 500 MW of generating capacity by 2026 as it continues to beef up its pipeline of projects beyond the target.
At the local bourse on Monday, shares in the company closed at P0.94 apiece. — Sheldeen Joy Talavera