Confidence jacks up Alternergy’s  funding

Renewable power pioneer Alternergy Holdings Corp. has secured over P20 billion worth of additional funding a year since its initial public offering (IPO) — signifying strong investors’ confidence in clean energy projects. 

At a press briefing on Monday, Alternergy president Gerry Magbanua said the company’s expedited capital fundraising was driven by its participation in the government’s Green Energy Auction Program (GEAP), which assured lenders of returns.

“Alternergy’s initial capital raising activity since the IPO in March 2023 is almost at the homestretch. The P20 billion funding will support the timely completion of new generation capacities to contribute to the government’s target to increase renewable energy share and help beef up the country’s power supply situation,” Magbanua told reporters. 

Magbanua said having an additional financial war chest will ensure the timely delivery of the company’s major projects, including the 112-megawatts Tanay Wind Power Project in Tanay, Rizal, the 64 MW Alabat Wind Power Project in Quezon, and the 28MW Solana Solar Power Project in Hermosa, Bataan.

Alabat gets P10B

The Alabat project received P10 billion, the Tanay project received P7 billion, and the Solana Project received P1 billion out of the total budget raised. The remaining funds are allocated for miscellaneous operational expenses.

Early last week, Alternergy, through its wholly-owned subsidiary Alternergy Tanay Wind Corp., closed a financing facility with the Bank of the Philippine Islands and the Security Bank Corporation for up to P8 billion in funding for the construction of the Tanay Rizal Wind Power Project.

Last week, Alternergy, as a parent company, signed a P2-billion Green Corporate Loan with BDO Unibank Inc. (BDO) to increase its funding capacity and support three new projects.

Additionally, P6.3 billion in new project financing is in the final stages, and a second tranche of the Green Corporate Loan is being finalized.

In November 2023, Alternergy raised P1.45 billion through a preferred shares issuance, and the IPO raised P1.62 billion.