en.Wedoany.com Reported - Philippine energy company Alternergy Holdings Corporation has completed a $37.25 million (approximately 2.3 billion Philippine pesos) investment from A Brown Company subsidiary ABC Energy Inc., which grants ABC Energy a 40% stake in each of Alternergy's Tanay and Alabat wind power project companies.
The transaction was completed on July 20, following approval from the Philippine Competition Commission in March of this year. The acquisition is a two-stage deal, with A Brown Company opting to complete the investment before the projects commence commercial operations, with the final transaction value reflecting adjustments for early closure.
Post-transaction, Alternergy retains a 60% majority stake and management control of both wind power project companies. Alternergy stated that the investment supports its capital recycling strategy and strengthens its financial position, while expanding its renewable energy portfolio encompassing wind, solar, run-of-river hydro, and battery storage projects.
The 128MW Tanay wind power project in Rizal is 89% complete and is expected to begin commercial operations in October. The 64MW Alabat wind power project in Quezon is 83% complete and is progressing toward commercial operations. The total investment for both wind farms is approximately $291.5 million (about 18 billion Philippine pesos), making them among the first projects awarded under the Philippine Department of Energy's Green Energy Auction Program II to reach the late-stage development phase.
