Alternergy Holdings Unit, ATWC, Receives P1.9 Billion 2nd Drawdown from BPI and Security Bank

​Renewable power pioneer Alternergy Holdings Corporation (ALTER), through its unit Alternergy Tanay Wind Corporation (ATWC), has successfully received the second tranche of funding from its project lenders Bank of the Philippine Islands (BPI) and Security Bank Corporation.

Another P1.97 billion was further injected into the Tanay Wind Power Project from the P8 billion non-recourse financing facility with BPI and Security Bank. The first drawdown in the amount of P1.6 billion was made available last November. This brings to P3.46 billion the total amount already utilized by the project from the debt financing facility to date. The Tanay Wind Power Project has also received a total of P1.5 billion 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,” Gerry P. Magbanua, president of ALTER and ATWC, said. “This will facilitate timely installation of the wind turbines by first quarter 2025,” he added.

“Again, we are thankful to BPI and Security Bank for the continued collaboration and efficient facilitation of the required condition precedents allowing the Tanay Wind Power Project to draw for the second time and within the project timeline,” he said.
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The Tanay Wind Power Project, with a total capacity of 128 MW, is the largest project to date under ALTER’s Road to 500 MW capacity target by 2026. It is expected to be completed by end 2025.

Alternergy is a renewable power pioneer with a portfolio of project companies engaged in different RE projects, particularly wind, run-of-river hydro, solar farm and commercial rooftop, battery storage and offshore wind projects.

With robust expansion plans in the next two years, Alternergy aims to develop up to 500MW of additional wind, solar, and run of river hydro projects.

Alternergy’s management team is comprised of a pioneering group of RE advocates led by former energy secretary Vince Pérez, Gerry Magbanua, Knud Hedeager, Eduardo Martinez Miranda, Michael Lichtenfeld, Atty. Ina Arriola, Annette Rafael and Carmen Diaz.

Alternergy (PSE:ALTER) debuted at the Philippine Stock Exchange as the first initial public offering (IPO) in March 2023. In August 2024, ALTER has been included in the PSE Industrial Index.