ALTERNERGY Holdings Corp. said its board has approved a move to secure a P4-billion green loan to fund its projects.
“We are pleased to receive the final board go signal to expand the company’s capital raising initiatives. This would boost the financial capacity of our shovel-ready projects to immediately commence construction,” Alternergy President Gerry P. Magbanua said in a media release on Wednesday.
Proceeds from the loan will fund the construction of the Tanay and Alabat Wind Power projects in the provinces of Rizal and Quezon, as well as its Solana Solar power project in Bataan.
The three renewable energy projects are expected to add up to 204 megawatts (MW) of new capacity, Alternergy said.
“The country’s power sector is in urgent need of additional and new capacity to address growing electricity demand. Alternergy’s new projects, once operational beginning end of 2025, will provide new, clean and sustainable power in response to the government’s call to build up the country’s power supply security and reliability,” Mr. Magbanua said.
The energy company aims to develop up to 1,370 MW of renewable energy sources such as onshore and offshore wind, solar, and run-of-river hydropower projects.
For the next three years, the company aims to develop up to 474 MW of additional wind, solar, and run of river hydropower projects.
At the local bourse on Wednesday, shares in the company closed unchanged at 67 centavos each. — Ashley Erika O. Jose
