Alternergy receives $57.52m for Alabat Wind Project

A portion of the over PHP5b project financing has been released.

Alternergy Holdings Corporation, through its unit Alabat Wind Power Corporation, has received $57.52m (PHP3.256b) funding for its wind project in Quezon Province.

In a disclosure, Alternergy said the amount is part of the $93.62m (PHP5.3b) finance facility from project lender Rizal Commercial Banking Corporation for the 64 megawatt (MW) Alabat Wind Project. 

Puyat Jacinto & Santos Law (PJS) acted as Lender’s Counsel and Tantoco Villanueva & De Guzman Law Offices (Tavidell) as Borrower’s Counsel including AFRY Philippines, Inc. (AFRY) as Lender’s Technical Advisor and AON as Borrower’s Insurance Broker for the assistance in ensuring successful drawdown. 

The 64 MW wind project is the first wind project in the country located along the Pacific Ocean coastline and is the first wind project being erected in Quezon Province. 

The target completion date is by the end of 2025, making it the first wind project to be completed under the 2nd Green Energy Auction Program undertaken by the Department of Energy in July 2023. 

Alternergy aims for 500 MW of renewable energy capacity by 2026.