<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/span><\/p>\n The transaction was accomplished greater than 4 months after receiving approval from the Philippine Competition Commission (PCC).<\/p>\n Alternergy said it’ll retain a 60% majority stake and management control of each project firms to make sure \u201ccontinued leadership of their development and operations while delivering long-term value to shareholders, partners, and the communities they serve.\u201d<\/p>\n \u201cTheir (A Brown) decision to finish the investment ahead of economic operations of each projects underscores their confidence in Alternergy\u2019s renewable energy platform and long-term growth strategy,\u201d Alternergy President Gerry P. Magbanua said.<\/span><\/p>\n Mr. Magbanua said the partnership would strengthen Alternergy\u2019s capital base because it pursues its goal of developing as much as 500 megawatts (MW) of additional renewable energy capability by yearend.<\/span><\/p>\n \u201cOur investment in Alternergy\u2019s 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,\u201d A Brown Chairman Emeritus Walter W. Brown said.<\/p>\n 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.<\/p>\n Meanwhile, the 64-MW Alabat Wind Power Project in Quezon is 83% complete and stays on course for industrial operations.<\/p>\n \u201cThe 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,\u201d Mr. Magbanua said. \u2014 Sheldeen Joy Talavera<\/b><\/p>\n<\/p><\/div>\n <\/p>\n","protected":false},"excerpt":{"rendered":" ALTERNERGY HOLDINGS CORP. 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 […]<\/p>\n","protected":false},"author":1,"featured_media":369710,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[21843,3130,2921,985,44534,2472],"class_list":["post-369709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-alternergy","tag-brown","tag-closes","tag-deal","tag-p2-3b","tag-wind"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t