ALTERNERGY Holdings Corp.’s subsidiary has received the certificates of award for two wind power projects that it won under the second round of the green energy auction program of the Energy department.
In a media release on Monday, Alternergy President Gerry P. Magbanua described the confirmation by the Department of Energy and subsequently, the issuance of the certificates as “a critical milestone.”
These actions formally award the wind projects with 20-year off-take agreements with state-led National Transmission Corp. with a specific tariff.
He added that the award “is critical to our project lenders who are close to completing their due diligence with target financial closure by first quarter of next year.”
The government’s green energy auction or GEA program is a competitive process of procuring renewable energy supply by offering capacities to qualified bidders at a set maximum or ceiling price.
According to its parent firm, Alternergy Tanay Wind Corp. (ATWC) has conducted competitive bidding for the equipment supply and construction contracts.
The company is targeting to complete the 86-megawatt (MW) Tanay wind farm in Rizal and the 55-MW Alabat wind farm in Quezon province by the second quarter of 2024.
Last week, ATWC said it had tapped K2 Management A/S, an independent wind and solar project management consultancy firm, as the “owner’s engineer” of the two projects.
It will support Altenergy in the procurement processes within a multi-contracting framework, followed by construction management, design reviews, site management, and quality control measures.
Alternergy aims to develop up to 1,370 MW of renewable energy sources such as onshore and offshore wind, solar, and run-of-river hydropower.
At the local bourse on Monday, shares of the company went down by two centavos or 2.67% to close at P0.73 apiece. — Sheldeen Joy Talavera