Alternergy raises $340.7m funding for RE projects

It is developing two wind farms and a solar farm that are targeted to start by 2025.

Alterenergy Holdings Corporation has secured around $340.7m (PHP20b) of funds within 15 months since its initial public offering, with the fund to be used for the company’s new projects.

In a statement, Alternergy said the capital raised will fund the construction of up to 204 megawatts (MW) of projects that are targetted to start operations by 2025, including the 112 MW Tanay Wind Power Projects, 64 MW Alaba Wind Project, and the 28 MW Solana Solar Power Project.

By the end of May, the company, through its wholly-owned subsidiary Alternergy Tanay Wind Corporation closed a $136.3m (PHP8b) financing facility with the Bank of the Philippine Islands. It also entered a $34.1m (PHP2b) Green Croproate Loan with BDO Unibank.

aLternergy is also finalising an additional $107.3m (PHP6.3b) of new project financing, as well as the second tranche of the Green Corporate Loan.

In November last year, it raised $24.7m (PHP1.45b) in preferred shares issuance.

“The PHP20b funding will support the timely completion of new generation capacities to contribute to the government’s target to increase renewable energy share and help beef up the country’s power supply situation” Gerry P. Magbanua, president of Alternergy said. 

“Once the final signings of the remaining PHP3.6b are done, we expect to go back to the drawing board to further plan for the next round of capital raising activity to reach our medium-term target of 500 MW capacity by 2026,” he added.

$1 = PHP58.75