Alternergy in new Tanay wind project

MANILA  -Former Energy Secretary Vicente Perez Jr.’s renewable energy firm Alternergy Holdings Corp. has signed a lease contract with the provincial government of Rizal for the development of an onshore wind project.

In a stock exchange disclosure on Tuesday, Alternergy said its subsidiary, Alternergy Tanay Wind Corp. (ATWC), signed a lease contract with revenue-sharing agreement for the use of land in the municipality of Tanay.

According to the company, the 99.2-megawatt wind project has an estimated annual net generation of 252.9 gigawatt-hours (GWh).

This is one of the two onshore wind projects that Alternergy won in the Department of Energy’s (DOE) second Green Energy Auction Program (GEA-2) held in July.

READ: Alternergy draws upon IPO funds for wind projects won in auction

Last week, Alternergy’s board of directors approved the reallocation of P63 million of the funds raised from its initial public offering (IPO) in March for the development of the Tanay wind project.

Another P80 million was redirected for the Alabat wind project in Quezon province. This brought the total allocation coming from IPO proceeds for the Tanay and Alabat projects to P113 million and P100 million, respectively.

As part of Alternergy’s GEA-2 commitment, the two projects must be ready for commercial operations by 2025.

The DOE awarded a wind energy service contract to ATWC in May 2015, giving the company concession rights to develop wind resources in Barangays San Andres and Cuyambay for 25 years.

Perez said the lease agreement would allow his company to proceed with the project’s construction next year. INQ