Philippines' Alternergy secures financing for 64-MW wind project

Philippine renewable energy developer Alternergy Holdings Corp (PSE:ALTER) has obtained a PHP-5.3-billion (USD 90.5m/EUR 83.9m) project finance facility to help fund the construction of its 64-MW Alabat wind power project.

The provider of the financing is Rizal Commercial Banking Corporation, a lender Alternergy has also partnered with on previous projects.

“We are very pleased to finally sign the loan agreement for the project finance facility for our Alabat wind power project after a very thorough due diligence period against a very tight timeline,” said Alternergy president Gerry P. Magbanua.

According to an announcement filed with the Philippine Stock Exchange on Thursday, the project financing is part of Alternergy’s capital raising under the Green Finance Framework. The company’s chief financial officer and chief sustainability officer Maria Carmen Diaz said Alternergy has so far closed PHP 18.4 billion out of the PHP 21 billion capital raising programme and added that more financial closing are forthcoming as it aims to roll out a portfolio of 500 MW by 2026.

The Alabat project, located in the municipalities of Alabat and Quezon in the province of Quezon, was successful in the Department of Energy’s Green Energy Auction 2 Programme. Groundbreaking took place in early May. China’s Envision Energy will supply the turbines, while China Energy Engineering Group Guangdong Electric Power Design Institute Co Ltd (GEDI) has been awarded the construction contract. Danish consulting firm K2 Management is the project’s owner’s engineer.

(PHP 1 = USD 0.017/EUR 0.016)

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