Alternergy Holdings Corp. said Wednesday it has signed two agreements for the development of wind farm projects in the provinces of Rizal and Quezon, which are expected to generate a maximum 164 megaWatts for the Luzon grid.
The listed renewable energy company said its Alabat Wind Farm project in Quezon has partnered with Quezon 1 Electric Cooperative Inc. to facilitate the dispatch of power to the Luzon grid.
“Our cooperation with QUEZELCO 1 is very crucial to ensure that the renewable supply from the Alabat Wind Farm project will be transported and delivered to the main grid within the timeline we have committed under the Green Energy Auction 2 program,” said Knud Hedeager, president of Alabat Wind Power Corp.
Under the deal with Quezelco 1, Alabat Wind will construct and commission a 37-kilometer 69-kiloVolt transmission line from the Alabat Wind Farm pooject to the Hondugua Substation of the National Grid Corp. of the Philippines. Quezelco 1, for its part, will construct a 10 megavolt-ampere substation and assist Alternergy in securing the right-of-way for the proposed transmission line to be built. Alternergy will assist Quezelco 1 in securing financing for the proposed substation.
Meantime, Alternergy selected K2 Management (K2M), a leading energy transition project management and engineering consultancy, among six bidders to be the owner’s engineer for the Tanay and Alabat wind farm projects.
As owner’s engineer contractor, K2M will support Alternergy in the procurement processes within a multi-contracting framework, followed by construction management, design reviews, site management, and quality control measures.
Scott Hsu, country director – Taiwan and Philippines at K2M, said the company could provide the expertise “to ensure the successful development and construction of these two pioneering projects. As well as our technical experience, we have a keen understanding of the Asia Pacific markets as they continue to evolve. We know what needs to be done, and we deliver.”
Hedeager said the two wind power projects “represent excellent progress toward achieving the Philippines’ energy transition goals, and we are excited to be at the forefront.”
In early October, Alternergy stockholders approved the reclassification of its preferred shares into three series of non-voting perpetual preferred shares. Alternergy has tapped three investment banks – BPI Capital, RCBC Capital and SB Capital – as lead arrangers to raise P12 billion project finance structure for its Tanay and Alabat Wind Power projects.
In November, Alternergy signed an agreement with Government Service Insurance System for P1.45 billion of the company’s perpetual preferred share
