A BROWN Company, Inc. has accomplished its P2.3-billion investment in two wind farm projects of Alternergy Holdings Corp. in Rizal and Quezon, acquiring a 40% equity stake in each project.
In a press release on Monday, Alternergy said the two-phase transaction was accomplished ahead of the agreed schedule after A Brown decided to finish its investment before the industrial operations of each projects.
The investment was made through a mixture of share subscriptions and share purchases within the project firms Alternergy Tanay Wind Corp. and Alabat Wind Power Corp.
The transaction was accomplished greater than 4 months after receiving approval from the Philippine Competition Commission (PCC).
Alternergy said it’ll retain a 60% majority stake and management control of each project firms to make sure “continued leadership of their development and operations while delivering long-term value to shareholders, partners, and the communities they serve.”
“Their (A Brown) decision to finish the investment ahead of economic operations of each projects underscores their confidence in Alternergy’s renewable energy platform and long-term growth strategy,” Alternergy President Gerry P. Magbanua said.
Mr. Magbanua said the partnership would strengthen Alternergy’s capital base because it pursues its goal of developing as much as 500 megawatts (MW) of additional renewable energy capability by yearend.
“Our investment in Alternergy’s wind projects is rooted in that philosophy. We’re honored to partner with Alternergy, a pioneer in renewable energy development within the Philippines, in advancing projects that may help construct an energy future that’s cleaner, safer and more sustainable for each Filipino,” A Brown Chairman Emeritus Walter W. Brown said.
In response to Alternergy, the 128-MW Tanay Wind Power Project in Rizal is 89% complete and is in the ultimate stages of commissioning, with industrial operations expected to start in October.
Meanwhile, the 64-MW Alabat Wind Power Project in Quezon is 83% complete and stays on course for industrial operations.
“The successful development of the Tanay and Alabat wind projects is the results of strong partnerships and a shared commitment to advancing renewable energy within the Philippines,” Mr. Magbanua said. — Sheldeen Joy Talavera