Alternergy Secures PHP 2 Billion Loan from BDO to Advance Sustainable Energy Projects
- June 14, 2024
Renewable energy pioneer Alternergy Holdings Corp. has secured a green corporate loan from Banco De Oro Unibank, Inc. (BDO) to advance its renewable energy projects in Rizal, Quezon, and Bataan.
Alternergy Holdings Corp., a trailblazer the country’s renewable energy sector, has succeeded in obtaining a loan from Banco De Oro Unibank, Inc. (BDO) to make headway on its renewable energy projects in Rizal, Quezon, and Bataan.
The loan was disclosed to the Philippine Stock Exchange (PSE), with Alternergy declaring an amount of PHP 2 Billion green corporate loan from the bank to continue its development of the Solana Solar Project in Hermosa, Bataan and the Tanay and Alabat Wind Power Projects in Rizal and Quezon.
Gerry P. Magbanua, the company president, announces this first loan as a pivotal turning point for its green finance framework.
He says, “As a Green Corporate Loan, Alternergy highlights our commitment to sustainability by strictly adhering to international principles, guidelines, and standards for green finance instruments.”
“BDO has been a steadfast partner to Alternergy over the years, aiding in developing our portfolio as a dedicated renewable energy company. We are pleased to have BDO once again take a leading role in our innovative sustainability-linked financial instrument,” Magbanua added.
These three power projects are projected to contribute 204 megawatts (MW) of new renewable energy capacity by the start of their operations in late 2025 to provide a solution to the country’s increasing electricity supply and enjoy economic growth.
The Mandated Lead Arranger role was designated to BDO Capital and Investment Corp. The lender’s counsel was Romulo Law, and the borrower’s counsel was MVGS Law.
