Alternergy Holdings Corp. said it secured certificates of award (COA) from the Department of Energy (DOE) for two of its wind power projects that won bids under the second Green Energy Auction.
Alternergy said the certificates are key documents for project lenders which are close to completing their due diligence with target financial closure by first quarter of next year.
The company said the COAs of wind energy projects in Tanay, Rizal and Alabat, Quezon with a total capacity of up to 164 megawatts (MW) were secured.
“The confirmation by the DOE and subsequently the issuance of the COA is a critical milestone as it formally awards our two wind projects with 20-year off-take agreements with the National Transmission Corp. with a specific tariff,” said Gerry Magbanua, Alternergy president, in a statement.
Magbanua said the company has been conducting competitive bidding for the equipment supply and construction contracts with a target start of construction by second quarter of 2024 for the wind projects.
Alternergy is eyeing to build up to 350 MW of power projects in the next three to five years which may be broken down to 33 MW for solar, 220 MW for onshore wind and 50 MW for run-of-river hydro projects.
Alternergy also has an ongoing partnership with Shell Overseas Investment B.V. to pursue offshore wind projects in the Philippines. -Jed Macapagal
