Alternergy secures P1.5-B funding to accelerate Tanay Wind Power Project

Alternergy Holdings Corp., through its subsidiary Alternergy Tanay Wind Corp., has received an initial P1.5 billion from Bank of the Philippine Islands (BPI) and Security Bank.

This funding marks the first tranche of an P8-billion non-recourse financing agreement for the Tanay Wind Power Project. A non-recourse financing limits the lender’s recovery to the project’s assets, protecting the borrower’s other properties.    

“The construction of the Tanay Wind Power Project is on full steam as more capital is infused,” Camen G. Diaz, Alternergy chief financial officer, said in a statement.

“Our project financing facility has released the first drawdown following successful completion of the conditions precedent set by the lenders,” she added.