Alternergy secures $137.4m loan for Tanay wind project

The lenders are BPI and Security Bank.

Alternergy Tanay Wind Corporation approved the $137.4m (P8b) omnibus loans and security agreement to partially fund the development of its wind project in Rizal province.

In a disclosure, Alternergy said Bank of the Philippine Islands and Security Bank Corporation will be the lenders for the transaction.

The loan deal will require the creation of a security interest over the shares of Alternergy Tanay that is held by Alternergy Wind Holdings Corp., and a sponsor undertaking by the corporation.

Alternergy Holdings previously said that it would raise around $211.1m for the construction of its wind projects in Tanay and in Quezon Province which have a total capacity of 164 megawatts.

$1 = PHP58.23