Alternergy Holdings Corp. is accelerating construction of its Tanay Wind Power Project with fresh funding of P1.4 billion from Bank of the Philippine Islands and Security Bank.

The latest financing, coursed through Alternergy Tanay Wind Corp., is  the third loan drawdown from the two lenders, bringing total disbursements to P4.9 billion to date.

“We are delighted to receive a total of P5 billion to date from BPI and Security Bank, underscoring the continued progress of our Tanay Wind Power Project's construction,” Alternergy Tanay Chief Financial Officer Carmen Diaz said Monday. 

“We appreciate the unwavering support and commitment from our lenders, which is crucial in bringing this project to fruition.”

Earlier this month, Alternergy received twelve 90-meter wind blades and other key components at Dinahacan Port I in Infanta, Quezon. Another shipment of turbine generators is expected to arrive in August.

“We anticipate the next shipment of wind turbine generators to arrive in August 2025, further advancing the project's construction timeline,” Diaz added.

The Tanay Wind Power Project is among five renewable energy developments currently under construction by Alternergy to help achieve its target of delivering 500 megawatts of capacity by 2026.