Alternergy Holdings Corp. through its subsidiary Alternergy Tanay Wind Corp. (ATWC) signed a contract for lease and revenue-sharing with the Rizal provincial government.
Alternergy said in a disclosure to the Philippine Stock Exchange yesterday that the contract signed on Monday was in respect of ATWC’s utilization of parcels of land registered in the name of the local government located in Tanay, Rizal for the development and implementation of the Tanay onshore wind project, one of two it won under the second Green Energy Auction (GEA2). The other is in Alabat, Quezon.
The two projects will have a capacity of up to 164 megawatts (MW) and are expected to be completed by 2025.
The company recently approved the re-allocation of proceeds from its initial public offering (IPO) to further support the immediate development of the two wind power projects.
Alternergy said its onshore wind energy projects will now receive increased funding from the previously disclosed use of IPO proceeds for the Lamut run-of-river hydro power project and from its offshore wind power projects.
The company said the re-allocation was made as the onshore wind projects are following a specific development timeline to qualify for the GEA2.
Alternergy assured that pre-development activities for the Lamut hydro project and the Calavite and Tablas offshore wind projects would continue despite the decreased allocation.
“Permitting and securing endorsements and clearances as well as conduct of initial technical studies would proceed. We are already on the ground in Lamut, Ifugao engaging the local community while we are in more detailed technical studies for the offshore wind projects. As these activities progress, additional funds will be channeled to support the work programs,” Perez said.
Altenergy 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.
