The investment gives A Brown’s energy unit a 40 percent stake in Alternergy’s Tanay and Alabat wind project companies, while Alternergy retains majority ownership and management control, a stock exchange fixing on Monday showed.
“Their 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 in a statement on Monday.
The proceeds support Alternergy’s capital recycling strategy, allowing it to fund new renewable energy projects while bringing in partners for more mature assets.
The company is targeting up to 500 megawatts of additional renewable energy capacity by year-end.
Its 128-megawatt Tanay wind project is now 89 percent complete and scheduled to begin commercial operations in October, while the 64-megawatt Alabat project has reached 83 percent completion.
The two projects, representing about P18 billion in investments, are among the first developments awarded under the Department of Energy’s Green Energy Auction Program II to reach advanced stages of construction.
—Edited by Miguel R. Camus
