Alternergy receives second tranche of funding for Tanay wind project

The first tranche was given in November.

Alternergy Holdings Corporation, through its subsidiary Alternergy Tanay Wind Corporation, has received the second tranche of funding worth $33.42m (PHP1.97b) for its Tanay Wind Power Project.

In a statement, the company said the funding was from the $135.49m (PHP8b) non-recourse financing facility with the Bank of the Philippine Islands and Security Bank. The first drawdown amounting to $27.18m (PHP1.6b) was made available in November, whilst it also received $25.44m (PHP1.5b) as equity capital as of September 2024.

“The construction of the Tanay Wind Power Project further gains momentum with the additional capital infusion from the 2nd drawdown,” Alternergy President Gerry Magbanua said. “This will facilitate timely installation of the wind turbines by first quarter 2025.”

The Tanay Wind Power Project has a total capacity of 128 megawatts (MW), the largest under the company’s Road to 500 MW capacity target by 2026. It is expected to be completed by the end of 2025.

$1 = PHP58.94