Alternergy Holdings Corp. (AHC) is looking to contribute additional renewable energy (RE) capacity to the Luzon grid with the construction of its P10 billion Tanay wind power project in Rizal.

AHC, through Alternergy Tanay Wind Corp. (ATWC), broke ground on the 112-megawatt wind power facility that is targeted for completion by the end of next year.

'There will be a lot of growth that is going to happen in the next 18 months, but please bear with us for this construction phase,' ATWC president Knud Hedeager said.

'We assure you that we will take care of you (the local community). The tourism industry in Tanay is going to sparkle like never before and will be busier come 2026,' Hedeager added.

The Tanay development is one of the two wind projects awarded to the company under the Department of Energy (DOE)'s Second Green Energy Auction Program in July 2023.

Last month, AHC secured P8 billion in financing from Ayala-led Bank of the Philippine Islands and Security Bank Corp. to bankroll the project's development.

The company also recently secured its first green corporate loan with Sy-led BDO Unibank Inc., successfully raising P2 billion to finance three RE projects.

'We are grateful for the huge support given to the Tanay wind power project, which has finally led us to this groundbreaking. We are hoping that the same support will be extended to us as we move ahead with the construction phase,' AHC chairman Vicente Pérez said.

DOE Renewable Energy Management Bureau assistant director Ruby de Guzman said the Tanay project would help in attaining the country's target of a 35 percent energy mix by 2030 and 50 percent by 2040.

'(This project) represents a vital step toward achieving the Philippines' ambitious RE targets…This will translate to enhanced energy security and a more sustainable future for the nation,' the official said.

To boost its portfolio, AHC plans to secure additional project financing of P8.3 billion this year, of which P6.3 billion will come from local banks and P2 billion from its second green corporate loan.

Together with other funds raised since its public listing in March 2023, the renewable power producer is set to end the year with a total capital raised of over P21 billion.

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