Listed firm Alternergy Holdings Corp. (Alternergy) is well on its way to building up its renewable energy (RE) portfolio after winning three additional contracts from the State-managed Green Energy Auction-2 (GEA-2) program.
Photo Insert: “Winning all our projects we bid for is a game changer for Alternergy. For the next three years, we will be building three projects with 200MW of contracted capacity, a jump from 80MW to 384MW in gross installed capacity in three years," Alternergy chairman Vicente S. Pérez Jr. said.
The awarded project contracts to be covered by 20-year power supply agreements (PSAs) are the 54.6MW Alabat wind power project in Quezon; the 85.8MW Tanay wind farm venture in Pililla, Rizal; and the 49.9 Apulid solar project in Tarlac.
Of the projects committed by the company, the capacity deliveries are all scheduled for 2025. Its Apulid solar plant will be developed under the corporate vehicle Liberty Solar Energy Corporation, while its wind farm ventures would be placed under Alternergy Tanay Wind Corporation.
Alternergy chairman Vicente S. Pérez Jr. said, “Winning all our projects we bid for is a game changer for Alternergy. For the next three years, we will be building three projects with 200MW of contracted capacity, a jump from 80MW to 384MW in gross installed capacity in three years.”
Alternergy is a well-known pioneer of wind project developments in the country – having ventured into the Bangui wind project in Ilocos Norte even prior to the passage of the Renewable Energy (RE) Act in 2008.
Perez stressed, “Having built the country’s earliest wind and solar farms, our management team has strong experience in constructing wind and solar projects.”
The former energy secretary acknowledged the likely challenges as they advance to the implementation of the committed projects, but will not lessen their excitement, as he expressed the readiness of the company’s team “to proceed with the projects we won under GEA 2.”
According to Alternergy President Gerry P. Magbanua, their company’s bid teams “prepared extensively for this year’s auction - from bid documentation to technical analysis to financial modeling.”
He further noted, “The team exerted significant efforts on competition landscape analysis in preparing the bid offers, giving us sufficient comfort and confidence that our projects are feasible and viable.”
Magbanua emphasized that “Once operational, these projects will contribute a significant steady flow of revenues for Alternergy and accelerate achieving our goal of 1,096 GWh (gigawatt-hours) of annual generation from renewable power.”
He qualified “Aside from the anticipated positive impact of the projects to Alternergy, new investments under the green energy auction will boost economic activities of our host communities and create hundreds of renewable energy jobs.”