RENEWABLE energy firm Alternergy Holdings Corp. said Wednesday that its board of directors has approved plans to secure up to P4 billion in green loans to fund solar and wind projects.

"We are pleased to receive final board go-signal to expand the company's capital-raising initiatives. This would boost the financial capacity of our shovel-ready projects to immediately commence construction," Alternergy President Gerry Magbanua said.

Proceeds from the planned green loan facility will be used mainly for the construction of the Tanay and Alabat wind power projects in the provinces of Rizal and Quezon, respectively, as well as the Solana solar power project in Hermosa, Bataan.

The energy firm said the three new power projects would add up to 204 megawatts of new capacity, in line with the company's growth trajectory, and should help address the country's supply generation constraints.

"The country's power sector is in urgent need of additional and new capacity to address growing electricity demand," Magbanua said.

Alternergy's share price on Wednesday slipped by one centavo, or 1.49 percent, to close at P0.66 amid a 0.61 percent rise in the benchmark Philippine Stock Exchange index.

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