Alternergy pours P2.9B into wind, solar projects

Alternergy Holdings Corp. is ramping up the buildup of its renewables portfolio with a total of at least P2.9 billion injected into three clean power projects.

Alternergy president Gerry Magbanua said on Monday the group’s Tanay Wind Power Project already secured an initial P1.5 billion.

This 128-megawatt (MW) wind park has an estimated project cost of P11.5 billion.

The company earlier said it would install a total of 16 wind turbine generators with a rated capacity of 8 MW each, a feature that Alternergy claimed to be the biggest wind tower to be deployed in the local market.

Magbanua said in a statement P1.1 billion was provided to the 64-MW Alabat Wind Power Project in Quezon Province.

Also, the 28-MW Hermosa Solar Power Project received P342 million to boost its development phase, which requires an investment reaching P1.5 billion.

The company said the funds were sourced from its initial public offering and the P2 billion it raised from BDO Unibank, Inc.

“With the capital infusion so far, [Alternergy] is keen to ensure timely completion of the three projects,” Magbanua said.

The group is bullish about finishing these projects on time, especially the Tanay and Alabat wind parks by the end of 2025—a commitment made under the government’s Green Energy Auction (GEA) 2 Program.

The solar project is also on course for completion by the first half of 2025.

See Also

Three better ways of investing in irrigation

Alternergy said the three projects would help the company rack up a total of 500 MW of generating capacity by 2026.

Last September, Magbanua said the group was keen on participating in the government’s new waves of clean energy bidding, particularly GEA-3 and 4.

The Green Energy Auction Program seeks to boost the government’s goal of scaling up renewable energy’s share in the power generation mix to 35 percent by 2030, from 22 percent at present.

Magbanua said Alternegy has been in close coordination with the Department of Energy, the Energy Regulatory Commission and other stakeholders to ensure that “all the policies are in place, [and] the mechanics are very clear.”