Alternergy Holdings Corp. said Friday it is on track to meeting its 500-megawatt (MW) target capacity by 2026 with the start of the full construction of three new power projects with a combined capacity of 220 MW.
“The Tanay and Alabat Wind Power Projects are in full-swing construction now after we broke ground in May and June. Our Solana Solar Power Project has also issued the notice to proceed with the construction. These three projects combined with our Dupinga and Kiangan run-of-river hydro power projects that have been in construction would add 242 MW of capacity by end of 2025,” Alternergy president Gerry Magbanua said in a statement.
The five projects have the following capacities: Tanay, 128 MW, Alabat, 64 MW, Solana 28 MW, Dupinga, 4.6 MW and Kangan, 17.6 MW. The remaining 174 MW of wind and solar projects are expected to be completed by 2026.
Alternergy has raised P20 billion in capital since the initial public offering (IPO) in March 2023 to fund these projects.
The company also raised P15.3 billion in the past couple of months. The Tanay Wind Power Project secured up to P8 billion in project finance loan from the Bank of the Philippine Islands (BPI) and Security Banking Corp., while the Alabat Wind Power Project secured P5.3 billion in project finance facility from the Rizal Commercial Bank Corp. (RCBC) and another P2 billion in green corporate loan from BDO Unibank Inc. (BDO).
“The strong support from the banks and other financial institutions has paved the way to accelerate the development of these projects,” Magbanua said.
Magbanua said the company is working to advance the development of new projects, in particular the 80MW Liberty aquavoltaic solar power project in Paniqui, Tarlac.
“The technical studies for the Liberty aquavoltaic solar power project have been completed consisting of geotechnical, hydrological and topographical studies. We are currently conducting other permitting requirements. Our goal is to bring this project shovel-ready by next year,” he said.
