Alternergy secures Quezon province’s approval for Alabat wind farm
ALTERNERGY Holdings Corp. said on Tuesday that it had secured approval from the provincial government of Quezon for its 55-megawatt (MW) Alabat wind power project.
“We will be long-term partners for the development of not just the Alabat Island but the entire province. Our Alabat Wind Power Project is committed to delivering sustainable energy and growth to our community,” Alternergy President Gerry P. Magbanua said in a media release.
According to the company, the Quezon Provincial Development Council (PDC) described the wind project to be beneficial to the socioeconomic development of the province and its constituents.
The project aligns with the province’s vision and mission of optimized utilization of resources and provision of infrastructure and support services, it added.
Earlier this month, the company said it had tapped BPI Capital Corp., RCBC Capital Corp., and SB Capital Investment Corp. to lead in raising the P12-billion project financing for its two wind projects.
The endorsement from the PDC is one of the remaining preconstruction clearances for the Alabat wind power project, which expects its notice to proceed with construction by the second quarter of 2024.
The other project up for debt financing is the 86-MW Tanay wind power project in Rizal province, which is expected to be completed by 2025.
Alternergy won the bid for the projects through its project company Alternergy Tanay Wind Corp., under the second round of the green energy auction program of the Department of Energy.
The program is a competitive process of procuring renewable energy supply by offering capacities to qualified bidders at a set maximum or ceiling price.
For the second half, the listed energy company managed to swing to profitability with a consolidated net income of P38 million from the P145.2-million net loss in the same period last year.
The energy company aims to develop up to 1,370 MW of renewable sources such as onshore and offshore wind, solar, and run-of-river hydropower projects.
At the local bourse on Tuesday, Alternergy shares closed unchanged at P0.86 apiece. — Sheldeen Joy Talavera
