Alternergy Holdings Corp. has secured a ₱4 billion loan for its Tanay Wind Power Project from Ayala’s Bank of the Philippine Islands (BPI). The funding is a key part of the company’s efforts to expand its renewable energy capacity in the Philippines.
Image from BusinessWorld Online
Project Details
The Tanay Wind Power Project, located in Rizal province, will have a 128-megawatt capacity, making it Alternergy’s largest renewable energy project to date. Construction is currently underway and is expected to be completed by the end of 2025. Alternergy President Gerry Magbanua emphasizes the importance of the project, citing that the “green collaboration” showcases their commitment to achieving sustainable development in the country.
“This is our largest project to date, and we are aligned with BPI in driving sustainability through renewable energy,” said Magbanua.
The project will follow the International Finance Corporation’s (IFC) environmental and social management guidelines. It also aligns with the Philippines’ renewable energy targets of 35% by 2030 and 50% by 2040. The financing adheres to Alternergy’s Green Finance Framework, ensuring sustainability throughout the project.
BPI’s Role in Financing
In May, Alternergy’s subsidiary, Alternergy Tanay Wind Corp., received an ₱8 billion loan for the project, with BPI contributing half of the amount. BPI also played key roles in organizing the loan, managing the loan process, and overseeing the security of the loan.
Future Plans for Renewable Energy
Alternergy plans to develop 474 megawatts of renewable energy capacity over the next three years. The Tanay Wind Power Project is a significant step toward the Philippines’ renewable energy goals. The loan from BPI and the project’s adherence to sustainability standards highlight the importance of green financing in advancing the country’s energy infrastructure.
References:
Alternergy secures P1.5-B funding to accelerate Tanay Wind Power Project. (n.d.). INSIDER PH. https://insiderph.com/alternergy-secures-p15-b-funding-to-accelerate-tanay-wind-power-project
Arcalas, J. E. (n.d.). Alternergy unit secures P8 billion for wind energy project. PhilsStar. https://www.philstar.com/business/2024/05/29/2358653/alternergy-unit-secures-p8-billion-wind-energy-project
BIlyonaryo. (n.d.). Vince Perez’s Tanay wind power project gains momentum: Alternergy gets P4 billion funding from Ayala’s BPI. BIlyonaryo. https://bilyonaryo.com/2024/12/04/vince-perezs-tanay-wind-power-project-gains-momentum-alternergy-gets-p4-billion-funding-from-ayalas-bpi/power/
Camus, M. R. (n.d.). Alternergy readies P15-B fundraising to complete 500-MW pipeline. INSIDER PH. https://insiderph.com/alternergy-readies-p15-b-fundraising-to-complete-500-mw-pipeline
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