Alternergy Holdings Corp. subsidiary Liberty Solar Energy Corp. (LSEC) has won a solar energy operating contract (SEOC) from the Department of Energy (DOE) that will be developed as the Apulid solar project in Paniqui, Tarlac.
In a disclosure to the Philippine Stock Exchange, Alternergy said the contract grants LSEC exclusive rights to explore, develop and use solar energy resources in the area covering 144 hectares.
“Alternergy is excited to immediately pursue the development. Consistent with Alternergy’s pioneering initiatives in the renewable energy industry, the Apulid solar power project will be one of the first solar aquavoltaic projects in the country,” said Vicente Perez, Alternergy chairman and LSEC president, in a statement.
Alternergy said the project is ground-mounted, co-located and integral to an operational aquaculture farm.
“This is a unique initiative that will serve a dual purpose, which is to supply clean power to the grid and to sustain the aquaculture’s farm production,” Perez explained.
Alternergy also reported that LSEC’s board of directors agreed to relinquish the Apulid solar project won under the Green Energy Auction 2 (GEA2) program of the Department of Energy.
“The Apulid solar power project is one of the winning bids under GEA2. However, LSEC has opted not to pursue the GEA2 as an offtake mechanism. Based on our further analysis, there are other potential markets that could bring better value to the project and at the same time continue to contribute to achieving the government’s renewable energy target,” Perez explained.
Under the GEA, renewable energy producers compete for incentivized fixed-rate power contracts at prices that are lower than or equal to GEA reserve prices set by the Energy Regulatory Commission.
Alternergy looks to build up to 350 megawatts (MW) of power over 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.
Alternergy also has an ongoing partnership with Shell Overseas Investment B.V. to pursue offshore wind projects in the Philippines.
