Renewable energy developer Alternergy Holdings Corp. said that subsidiary, Alternergy Tanay Wind Corp. has received proposals from global and local energy companies to co-develop the proposed Tanay wind power project in Rizal province.
“We have received strong interest from three major energy companies following the request for proposals due in March 2023. The official letters of intent have been received and we will proceed next to review their respective proposals to finalize the selection of our preferred equity partner,” said Gerry Magbanua, Alternergy president.
Alternergy only obliquely referred to the interested parties but mentioned that one is part of one of the world’s largest energy companies based in Europe while another is a regional renewable energy company with a portfolio of wind and solar projects across Asia Pacific region. The third proponent is a major domestic energy player and part of a local conglomerate.
Alternergy said the Tanay wind power project is a 100-megawatt (MW) facility considered “shovel-ready” that has secured major permits and four years of wind data from completed technical studies that include logistics, environmental and energy assessment.
The project previously received height clearance approval from the Civil Aviation Authority of the Philippines.
Alternergy is preparing to spend up to P20 billion in the next three to five years to fund as much as 350 MW of new energy projects.
The company said its projects are funded 70 percent by debt and 30 percent by equity. That means P6 billion of the planned P20 billion capital expenditure program come from equity sourced from potential project partners.
Alternergy said the 300 MW to 350 MW proposed projects in the next three to five years include 33 MW in solar, 220 MW as onshore wind and 50 MW in run-of-river hydro projects.
Alternergy also has an ongoing partnership with Shell Overseas Investment B.V. to pursue offshore wind projects in the Philippines.
