Renewable energy firm Alternergy Holdings Corp. launched its first overseas project with the inauguration of its solar and battery energy storage system in Palau last week.
The project generates 15.3 megawatts (MW) of solar power and 12.9 megawatt hours (MWh) for the battery segment. The project is one of the biggest foreign direct investments in Palau costing $29 million (P1.62 billion).
The hybrid RE project was developed and owned by Solar Pacific Pristine Power Inc., a subsidiary of Solar Pacific Energy Corp., which is a subsidiary of Alternergy.
“We are pleased that the project will make a significant contribution to Palau in achieving its goal of 45 percent renewable energy share of the power mix by 2025, providing 23,000 MWh of clean and renewable power as well avoid more than 10 thousand tons of carbon emissions per year,” said Vicente Perez Jr., Alternergy chairman, in a statement.
Last month, Alternergy awarded the engineering, procurement and construction contract for the 20 MW Solana solar power project in Hermosa, Bataan to JGC Philippines, Inc., a subsidiary of Japan’s JGC Group.
Perez also said proceeds from its recent public listing enabled the company to settle obligations for the purchase of the project site only 500 meters from its interconnection point at the National Grid Corporation of the Philippines’ Hermosa substation.
Altenergy eyes building up to 350 MW worth of power projects in the next three to five years broken down as 33 MW for solar, 220 MW for onshore wind and 50 MW for run-of-river hydro projects.
