LOCAL renewable energy developer Alternergy Holdings Corp. expects the completion by next year of two run-of-river hydro projects with a total capacity of 22 megawatts (MW).
Gerry Magbanua, Alternergy president, told reporters in a briefing last week the company is a minority shareholder in the Dupinga and Kiangan run-of-river hydro projects that are set for completion by late 2024 or early 2025.
Alternergy said the partner for the 4.6 MW Dupinga hydro project in Nueva Ecija is Markham Resources Corp. while partners for the 17.4 MW Kiangan hydro project in Ifugao Province are Renova and Sta. Clara International Corp.
“We’re really just focused on bringing these projects off the ground because while we like to continue working with partners, sometimes it takes time to put together a group of partners. But we don’t want to be distracted, we don’t wanna be dragged by those discussions and so we decided that let’s just do it, implement it by ourselves and then down the line, maybe there’s an opportunity for us to now entertain partnerships,” Magbanua said.
Last week, Alternergy said its capital raising activities has reached P20 billion over a period of 15 months since its initial public offering in March 2023.
The company said the capital raising program is aimed at funding the accelerated construction of up to 204 MW of new capacity targeted to come online by 2025 including the 112 MW Tanay wind power project as well as the 64 MW Alabat wind power project in Quezon Province and the 28 MW Solana solar power project in Hermosa, Bataan.
Of the P20 billion, P10 billion will go to the Tanay project, P7 billion to the Alabat project, P1.3 billion to the Solana project and the remaining amount to “keep building a pipeline of projects,” the company said.
The P20 billion will cover capital expenditures until next year but the company will raise funds for projects that will be pushed for 2026 and beyond.
Alternergy is also pushing for an aqua-voltaic project in Tarlac and an expansion of existing solar rooftop power projects.
Alternergy eyes to have a total capacity of around 486 MW by 2026.
