Renewable energy firm Alternergy Holdings Corp. is pursuing fresh capital to fund a 16-megawatt (MW) expansion of its Tanay Wind Power Project, aimed at enhancing the national grid’s supply of clean energy.
In a stock exchange disclosure on Wednesday, Alternergy announced that the Department of Energy (DoE) has approved its plan to increase the project’s capacity from the original 112 MW to 128 MW.
“We are pleased to receive the DoE’s approval to increase the registered capacity of our Tanay Wind Power Project. We conducted a technical optimization study which showed that the potential net energy within the production area could generate as much as 128 MW of capacity,” said Knud Hedeager, president of Alternergy Wind Holdings Corp., the wind energy subsidiary of ALTER and owner of Alternergy Tanay Wind Corp.
Project loan increase
The project’s cost, initially estimated at P10.4 billion, is now projected to reach P11.5 billion, prompting Alternergy to seek an increase in its project loan from lenders.
Located in Tanay, Rizal, the project has secured up to P8 billion in financing from the Bank of the Philippine Islands and Security Bank. Construction commenced in June 2023, with the facility expected to be operational by 2025.
With the increased capacity, the Tanay Wind Power Project will install 16 wind turbine generators, each rated at 8 MW, making them the largest onshore wind towers in the country.
The project will be Alternergy’s second wind facility in Rizal, following the successful operation of the 54-MW Pililla Wind Farm since 2015.