On Monday, ALTERNERGY Holdings Corp. announced that it had chosen three investment banks to oversee the raising of P12 billion in project financing for its two wind power projects.
The energy company announced in a stock exchange filing that it had chosen BPI Capital Corp., RCBC Capital Corp., and SB Capital Investment Corp. through a competitive process to help finalize the terms and structure of the debt financing for their projects.
“Alternergy is pleased to collaborate with these investment banks to aid in the growth of our green loan financing. We have established a strong partnership with RCBC Capital and are thrilled to establish new alliances with BPI Capital and SB Capital,” stated Alternergy Chairman Vicente S. Pérez, Jr.
In March, Alternergy and RCBC Capital came to an agreement on a term sheet for a P1-billion loan to finance the construction of the company’s 28-MW Solana solar power project in Hermosa, Bataan.
Alternergy is currently working on two debt financing projects in the Philippines. These projects consist of a 55-MW wind power project on Alabat Island in Quezon province and an 86-MW wind power project in Tanay province, with an estimated completion date of 2025.
The company, Alternergy Tanay Wind Corp., was awarded the projects in a bidding process organized by the Department of Energy. This program aims to acquire renewable energy by inviting qualified bidders to offer a maximum price for their capacities in a competitive manner.
Gerry P. Magbanua, President of Alternergy, announced that the company’s largest project financing deal worth P12 billion will be undertaken. The company aims to achieve financial closing for the projects by the end of this year.
Mr. Pérez stated that our company is dedicated to aiding the National Renewable Energy Program (NREP) in achieving its goal of raising the proportion of renewable energy in the energy mix to 35% by 2030. Our climate change mitigation business operations are crucial in our efforts to create a sustainable future.
The goal of the energy company is to create a maximum of 1,370 MW through sustainable sources like onshore and offshore wind, solar power, and run-of-river hydropower projects.
On Monday, at the stock exchange, Alternergy’s stocks rose by 3 centavos or 3.7%, ending the day at P0.84 per share. – Sheldeen Joy Talavera