Alternergy inks P2-billion green loan with BDO
- Sherbet Manalili
- May 30, 2024
- 1 min read
Renewable power pioneer Alternergy Holdings Corp. signed a green corporate loan with Banco De Oro Unibank, Inc. (BDO) to pursue the construction of its renewable energy projects in Rizal, Quezon, and Bataan.
In a disclosure to the Philippine Stock Exchange (PSE), Alternergy said it secured P2 billion in green corporate loan to continue the developments in the Tanay and Alabat Wind Power Projects in Rizal and Quezon, as well as the Solana Solar Project located in Hermosa, Bataan.
Alternergy President Gerry P. Magbanua said that this is the first issued loan facility under the firm’s green finance framework.
“As a Green Corporate Loan, Alternergy demonstrates our commitment to sustainability by strictly adhering to the international principles, guidelines and standards on green finance instruments,” he said.
“BDO has been a long-time partner to Alternergy over the years in building our portfolio as a pure-play renewable company. We welcome once again BDO’s leading role in our innovative sustainability-linked financial instrument,” Magbanua added.
Once operational by the end of 2025, the three power projects would have 204 megawatts (MW) worth of new capacity, achieving the goal of the company’s growth trajectory as well as help in the country’s ongoing issue on electricity supply.
The Mandated Lead Arranger was given to the BDO Capital and Investment Corp. while Romulo Law acted as the lender’s counsel, and MVGS Law as the borrower’s counsel.
Earlier this week, the Tanay wind power project secured P8 billion to finance its timely developments.
Originally published: Manila Bulletin, May 30, 2024
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