MANILA, Philippines — Renewable power producer Alternergy Holdings Corp. (AHC) is beefing up its war chest with planned additional project financing of P8.3 billion, set to be completed before the year ends.
The listed firm wants to secure P6.3 billion in loans from local banks this month to finance its wind and solar projects, AHC CFO Carmen Diaz told a briefing on Monday.
By the second half of 2024, Diaz said they expect to raise P2 billion from the second tranche of AHC’s green corporate loan.
The company last week secured its first green corporate loan with Sy-led BDO Unibank Inc., successfully raising P2 billion in fresh funds.
AHC president Gerry Magbanua said the secured loans were under the green finance framework crafted with the Asian Development Bank.
“Once the final signings of the remaining P6.3 billion are done, we expect to go back to the drawing board to further plan for the next round of capital-raising activity to reach our medium-term target of 500 MW capacity by 2026,” he said.
Together with other funds raised since its public listing in March 2023, AHC is set to end the year with a total capital raised of over P21 billion.
Magbanua said nearly half of the funding, or P10 billion, would bankroll its Tanay wind project in Rizal, while P7 billion and P1.3 billion would support its Alabat wind project in Quezon and a solar venture in Bataan, respectively.
The remaining budget would finance other expenses to “keep building (our) pipeline,” he noted.
AHC also plans to move ahead with the development of its project pipeline, including the Liberty aqua-voltaic project in Tarlac and the expansion of the solar rooftop power projects.
Magbanua said the company is also actively pursuing early-stage projects.