ALTER slates 500MW clean energy in 2 years

Driven by the full-scale construction of three new power projects, Alternergy Holdings Corp. (ALTER) is set to launch an ambitious plan to deliver 500 megawatts of clean energy capacity over the next two years.

The company announced on Friday that it is set to add 242 megawatts (MW) in 2025 through several new projects, including the 128-MW Tanay facility, 64-MW Alabat plant, 28-MW Solana installation, 4.6-MW Dupinga project, and 17.6-MW Kiangan site.

Currently operating at 86 MW as of end-2023, ALTER president Gerry P. Magbanua said present developments keep the company on track to meet its target of 500 MW, with the remaining capacity to be added in 2026.

Full-swing construction

“The construction of Tanay and Alabat Wind Power Projects are in full-swing now after we broke ground in May and June,” Magbanua said.

“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 hydropower projects that have been in construction would add 242 MW of capacity by the end of 2025,” he added.

In addition to ongoing construction, Magbanua said that the company is progressing with new project development such as the 80MW Liberty aqua voltaic solar power project in Paniqui, Tarlac.

“The technical studies for the Liberty aqua voltaic 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.”

P20-B funds raised

Since its initial public offering in March 2023, ALTER has raised P20 billion in capital to fund its renewable energy projects. Of this, P15.3 billion had already been secured through various financing deals.

The Tanay Wind Power Project obtained up to P8 billion in project finance loans from the Bank of the Philippine Islands and Security Bank.

Meanwhile, the Alabat Wind Power Project secured a P5.3 billion project finance facility from Rizal Commercial Banking Corporation (RCBC). Additionally, ALTER signed a P2 billion Green Corporate Loan with BDO Unibank Inc.