Alternergy Holdings to join DOE green energy auction
BY LENIE LECTURA – APRIL 6, 2023
from Business Mirror
Alternergy Holdings Corp. said on Wednesday it will participate in the second green energy auction (GEA) of the Department of Energy (DOE).
Alternergy chairman and former energy secretary Vince Perez said various subsidiary project companies under Alternergy intend to participate in the GEA 2.
“Alternergy has 29 active RE service contracts in its project pipeline with ongoing development activities. We are excited for the GEA 2 and will be pooling our resources to ensure a piece from the 11,600MW (megawatts) capacity to be bid out.”
The power firm, which recently debuted at the Philippine Stock Exchange (PSE), welcomed the DOE’s announcement to conduct GEA2.
“The entry of an additional 11,600 MW of new capacity in the next three years through GEA 2 shows the strong push by the administration of President Ferdinand Marcos Jr. towards the development of renewable energy sources.”
The company raised P1.61 billion in fresh capital from its initial public offering (IPO) to fund its portfolio of RE projects. Alternergy aims to develop up to 1,370 MW of additional wind, offshore wind, solar, run of river hydro and battery storage projects in the next five years.
In particular, Alternergy is allocating part of the IPO proceeds to fund its 6.8MW Lamut-Asipulo hydropower project, which is expected to start operations by 2024, and the 28MW Solana power project in Bataan. Also, Alternergy will be setting aside payment for acquiring shares in Kirahon Solar Energy Corp. and funding for the pre-development of future power projects.
The company earlier announced a P20-billion capital expenditure (capex) for its planned 220 MW of onshore wind, 33 MW of solar and 50 MW run-of-river (ROR) hydro projects. The capex will be financed by a combination of equity (30 percent) and project financing (70 percent).
The company is also open for partnerships although it intends to retain at least 51 percent or 50 percent plus one share in the renewable projects that it has lined up.
Earlier, the company said there are three foreign and local equity partners that signified interest to co-develop the proposed Tanay wind power project of its subsidiary, Alternergy Tanay Wind.
One of the three companies is part of one of the world’s largest energy companies based in Europe. Another one is a regional renewable energy company with a portfolio of wind and solar projects across the Asia Pacific region and one is a major domestic energy player that is part of a large Philippine conglomerate.
