FILE PHOTO: Windmills. – Alternergy Holdings Corp. is bolstering its position in the emerging local offshore wind market after taking over three projects at Tablas Strait, which separates Mindoro and Antique. Photo from Alternergy website
Listed Alternergy Holdings Corp. is bolstering its position in the emerging local offshore wind market after taking over three projects at Tablas Strait, which separates Mindoro and Antique.
The company disclosed in a filing to the local bourse on Friday, November 8, that it acquired the interest of Shell Overseas Investment B.V. in Tablas Straight Offshore Wind Power Corp., which is engaged in the development of the Tablas Strait 1, 2, and 3 Offshore Wind Projects.
Before the transaction, Alternergy held 60 percent, while Shell got the remaining 40 percent. However, it declined to provide the value of the acquisition deal when asked.
“With full control of the Tablas Projects, we are eager to proceed at a more accelerated pace,” said Knud Hedeager, president of Alternergy Wind Holdings Corp. (AWHC).
“The initial study indicated the projects are viable. We will build on the results of this study and move forward with pre-development activities,” he added.
The group could not provide yet the target capacity for the three projects but noted they were within the wind corridor identified by the World Bank.
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It was early last year when the firm secured offshore wind service contracts to explore, develop, and utilize wind resources in Tablas Strait.
The projects are expected to cover about 120,000 hectares.
Alternergy’s aggressiveness on this front rides on the Marcos administration’s push for more renewables in the market, including offshore wind farms.
“ALTER is bullish on the prospect of the offshore wind (OSW) power in the Philippines, a priority of the PBBM Administration. Beyond our 500 MW (megawatts) capacity target by 2026, our Tablas offshore wind projects form part of the next pipeline of projects,” Hedeager said.
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The company also noted significant strides from the government for offshore wind projects to materialize in the Philippines, including the recent agreements of the Department of Energy (DOE) with the Department of Environment and Natural Resources (DENR) for the permitting processes, and the Philippine Ports Authority (PPA) for the modernization of port infrastructure for logistics purposes.
It said the Port of Batangas, which is among PPA’s priorities, was the nearest port to the Tablas projects.
“The policy and regulatory developments are positive signals for us as a developer,” the official said.
Alternergy currently has 11 operating assets with a total combined capacity of 86MW. Its portfolio includes wind, run-of-river hydro, solar farm and commercial rooftop, battery storage, and offshore wind projects