Alternergy bags $68.8 m loan for Tanay wind project

The fresh loan was secured from a bank.

Alternergy Holdings Corporation has secured a $68.8m (PHP4b) loan from the Bank of the Philippine Islands (BPI) that will be used to finance the energy company’s Tanay Wind Power Project in Rizal.

In a statement, Alternergy said its project was one of the eligible assets financed by the green bond issued by the bank with support from the International Finance Corporation, a member of the World Bank Group.

“This is our first project finance transaction with BPI. Throughout negotiations and due diligence, we witnessed a significant alignment of values and commitment towards sustainability between Alternergy and BPI,” said Gerry Magbanua, president of Alternergy.

In May 2024, Alternergy through Alternergy Tanay Wind Corporation (ATWC) secured up to $137.6m (PHP8b) syndicated term loan facility for the Tanay wind project, with BPI as co-lender equivalent to 50%.

The Tanay Wind Power Project is expected to be completed by the end 2025. Its energy capacity is seen to help accelerate the Philippines’ energy transition goal and contribute to the target of 35% renewable energy share by 2030 and 50% by 2040.

$1 = PHP 58.11