ALTERNERGY Holdings Corp. on Monday said it had tapped three investment banks to lead in raising the P12-billion project financing for its two wind power projects.

In a stock exchange disclosure, the energy company said it had mandated BPI Capital Corp., RCBC Capital Corp., and SB Capital Investment Corp. — after a competitive process — to assist in finalizing the terms and structure of the debt financing for the projects.

“Alternergy is delighted to work with these investment banks that will support us in expanding our green loan financing. We have been a long-term partner of RCBC Capital and [are] equally excited to forge new partnerships with BPI Capital and SB Capital,” Alternergy Chairman Vicente S. Pérez, Jr. said.

In March, Alternergy signed a term sheet with RCBC Capital for a P1-billion financing for the company’s 28-megawatt (MW) direct current Solana solar power project in Hermosa, Bataan.

The two projects for debt financing are Alternergy’s 55-MW Alabat Island wind power project in Quezon province and its 86-MW Tanay wind power project in Rizal province, which are expected to be completed by 2025.

The listed firm won the bid for the projects through its project company Alternergy Tanay Wind Corp. under the second round of the green energy auction of the Department of Energy. The government program is a competitive process of procuring renewable energy supply by offering capacities to qualified bidders at a set maximum or ceiling price.

Alternergy President Gerry P. Magbanua said the P12-billion fund would be the company’s largest project financing deal to be undertaken. The company has targeted financial closing for the projects by the end of the year.

“We are forging the path to a sustainable future and fully committed to support the National Renewable Energy Program (NREP) to increase the share of the clean energy generation mix to 35% by 2030 through our climate change mitigation business operations,” Mr. Pérez said.

The energy company aims to develop up to 1,370 MW of renewable sources such as onshore and offshore wind, solar, and run-of-river hydropower projects.

At the local bourse on Monday, Alternergy shares went up by three centavos or 3.7% to close at P0.84 each. — Sheldeen Joy Talavera