Tanay Wind gets 2nd funding tranche
The first drawdown amounting to P1.6 billion was made available last November.
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The first drawdown amounting to P1.6 billion was made available last November.
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Tanay Wind Corp. (ATWC) has successfully secured the second tranche of funding from its project lenders, Bank of the Philippine Islands (BPI) and Security Bank Corp.
An additional P1.97 billion has been infused into the Tanay Wind Power Project through the P8 billion non-recourse financing facility with BPI and Security Bank.
The first drawdown amounting to P1.6 billion was made available last November. This brings the total amount utilized from the debt financing facility to P3.46 billion so far. Additionally, the project has received P1.5 billion in equity capital as of September 2024.
Infusion will hasten project
“The construction of the Tanay Wind Power Project further gains momentum with the additional capital infusion from the 2nd drawdown. This will facilitate the timely installation of the wind turbines by the first quarter of 2025,” ALTER and ATWC president Gerry P. Magbanua said.
“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.”
The Tanay Wind Power Project, with a total capacity of 128 megawatts, is the largest initiative under ALTER’s Road to 500 MW capacity target by 2026. The project is expected to be completed by the end of 2025.
