ALTERNERGY Holdings Corp. announced on Wednesday the start of the construction of its 112-megawatt (MW) Tanay Wind Power Project in Rizal.
The company, through its subsidiary Alternergy Tanay Wind Corp. (ATWC), aims to attain additional capacity by the end of 2025, Alternergy said in a statement.
“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, adding that the tourism industry in Tanay is expected to become “busier” by 2026.
The wind farm project has a total cost of P10 billion, of which up to P8 billion in funding came from the Bank of the Philippine Islands and Security Bank Corp.
“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,” Alternergy Chairman Vicente S. Pérez said.
Rizal Governor Nina Ricci Ynares-Chiongbian said that the Tanay Wind Power would be Alternergy’s second wind project in Rizal. The first, the Pililla Wind Project, commenced commercial operations in 2015.
“What we have started here with our partnership is a testament to our commitment to bringing alternative energy as a source of clean energy to the fold of our daily living,” she said.
Last month, the company also hosted a groundbreaking ceremony for its P7-billion 64-MW Alabat Wind Power Project.
Alternergy President Gerry P. Magbanua said on Monday that the company has raised over P20 billion from its capital-raising activities over a period of 15 months since its initial public offering. This achievement occurred earlier than forecasted, which was expected to take three to five years.
The capital-raising program is aimed at funding the accelerated construction of its new projects with a capacity of up to 204 MW.
Alternergy hopes to develop up to 474 MW of additional wind, solar, and run-of-river hydropower projects in the next three years.
At the local bourse on Wednesday, shares in the company rose by two centavos or 2.94% to close at P0.70 each. — Sheldeen Joy Talavera
