Alternergy Tanay Wind Corp. (ATWC) said Friday it received the second tranche of funding from project lenders Bank of the Philippine Islands (BPI) and Security Bank Corp. amounting to P1.97 billion for the development of the 128-megawatt Tanay Wind Power Project in Rizal province.
The funding for ATWC, a unit of listed Alternergy Holdings Corp., comes from the P8 billion non-recourse financing facility with BPI and Security Bank.
Alternergy said the first drawdown of P1.6 billion was made in November. This brought to P3.46 billion the total amount already utilized by the project from the debt financing facility to date.
The Tanay Wind Power Project, with an estimated cost of P11.5 billion, 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,” said Gerry Magbanua, president of ALTER and ATWC.
“This will facilitate timely installation of the wind turbines by first quarter 2025,” he said.
