Alternergy Holdings Corp. has raised P2.3 billion from the partial sale of two wind power projects nearing completion that would support its capital for expansion.

The listed renewable energy developer on Monday confirmed that ABC Energy Inc., the energy arm of A Brown Company Inc., completed its P2.3-billion investment in Alternergy Tanay Wind Corp. and Alabat Wind Power Corp., acquiring a 40 percent stake in each project company.

Alternergy said the final investment value reflected an early closing adjustment after A Brown opted to complete the transaction ahead of the project's commercial operations. 

The deal, which received Philippine Competition Commission clearance in March, was completed through a combination of share subscriptions and share purchases.

“The decision to complete the investment ahead of commercial operations of both projects underscores their confidence in Alternergy’s renewable energy platform and long-term growth strategy,” Alternergy president Gerry Magbanua said. 

“We are particularly pleased to partner with A Brown, whose longstanding history and legacy in the province of Rizal make this investment especially meaningful. This partnership strengthens our capital base as we pursue our target of building up to 500 MW of additional renewable energy capacity by year-end.”

For A Brown, the investment expands its footprint in the renewable energy sector through two utility-scale wind projects expected to begin generating electricity later this year.

“At A Brown, we have always believed that businesses endure when they contribute meaningfully to society. Our investment in Alternergy’s wind projects is rooted in that philosophy.

We are honored to partner with Alternergy, a pioneer in renewable energy development in the Philippines, in advancing projects that will help build an energy future that is cleaner, more secure, and more sustainable for every Filipino,” said A Brown chairman emeritus Dr. Walter Brown.

Alternergy said its 128-megawatt (MW) Tanay Wind Power Project in Rizal is now 89 percent complete and in the final stages of commissioning, with commercial operations expected in October.

Its 64-MW Alabat Wind Power Project in Quezon has reached 83 percent completion and continues to advance toward commercial operations.

The Tanay and Alabat facilities are the first wind projects awarded under the Department of Energy's Green Energy Auction Program II to reach advanced stages of development. 

Once operational, the projects are expected to add 192 MW of renewable energy capacity to the grid and support the country's energy security and clean energy targets.