Alternergy completes $37.25m investment deal with A Brown for wind projects

ABC Energy acquires 40% stake in two wind projects.

Alternergy Holdings Corporation has completed ABC Energy Inc.'s $37.25m (P2.3b) investment in its Tanay and Alabat wind projects, with the A Brown Company subsidiary acquiring a 40% stake in both project companies.

The transaction closed on 20 July, completing the two-phase deal announced earlier this year.

The company said the final transaction value reflected an early closing adjustment after A Brown opted to complete the investment before the projects reached commercial operations. The deal also received clearance from the Philippine Competition Commission in March.

Following the transaction, Alternergy retains a 60% majority stake and management control of both wind project companies.

Alternergy said the investment supports its capital recycling strategy and strengthens its financial position as it expands its renewable energy portfolio, which includes wind, solar, run-of-river hydro, and battery energy storage projects.

The 128MW Tanay Wind Power Project in Rizal is 89% complete and is expected to begin commercial operations in October. The 64MW Alabat Wind Power Project in Quezon is 83% complete and is progressing toward commercial operations.

The two wind farms, with a combined investment of about $291.50m (P18b), are amongst the first projects awarded under the Department of Energy's Green Energy Auction Program II to reach advanced stages of development.