Alternergy bags $24.5m assistance for Tanay wind project

This brings the project’s total funding to nearly PHP 5b.

Alternergy Holdings Corporation has received $24.5m (PHP 1.4b) funding for its wind energy project in Tanay in the Philippines.

In a bourse filing, the company said the funding from Bank of the Philippine Islands (BPI) and Security Bank was received through its unit Alternergy Tanay Wind Corporation.

The latest proceeds are the third drawdown, bringing to $85.8m (PHP 4.9b) the total amount released to date by the banks as joint project lenders for the Tanay Wind Power Project.

The wind power project has received the first shipment of wind turbine generators at Dinahacan Port I in Infanta, Quezon, earlier July. The shipment consisted of twelve 90-meter wind blades and other essential components.

“We anticipate the next shipment of wind turbine generators to arrive in August 2025, further advancing the project's construction timeline," said Alternergy Tanay Chief Financial Officer Carmen Diaz.

The Tanay Wind Power Project is one of five renewable energy projects under construction by Alternergy, part of its 500 megawatt capacity goal by 2026.

$1 = PHP57.12