Alternergy receives initial tranche from $136m funding for Tanay project

This is funding the Tanay wind project.

Alternergy Holdings Corporation, through its unit Alternergy Tanay Wind Corporation (ATWC), has received the first tranche of funding worth $25.4m (PHP1.5b) from its $136m (PHP8b) non-recourse financing facility.

In a bourse filing, the company said the funding was provided by its project lenders Bank of the Philippine Islands and Security Bank Corporation.

“The construction of the Tanay Wind Power Project is on full steam as more capital is infused. Our project financing facility has released the first drawdown following successful completion of the conditions precedent set by the lenders,” Alternergy CFO Carmen Diaz said.

Aside from the project finance facility, the Tanay Wind Power Project has also received a total of $25.4m (PHP1.5b) as equity capital as of September 2024.

The Tanay Wind Power Project will have a total capacity of 128 MW. It is expected to be completed by the end of 2025.

$1 = PHP58.95