Alternergy unit gets DOE nod for wind project
By Lenie Lectura – March 28, 2025
from Business Mirror
Alternergy Wind Holdings Corp. (AWHC), the wind unit of Alternergy Holdings Corp. (ALTER), has secured a permit from the Department of Energy (DOE) to develop its fifth wind power project.
On Thursday, AWHC said the DOE awarded a Certificate of Authority (COE) for a new onshore wind power project.
“Alternergy is pleased to receive the DOE’s approval to develop another wind project in Luzon,” AWHC President Knud Hedeager said.
The authority allows AWHC to undertake exploration and assessment of wind resources for the Albay Wind Power Project located across several municipalities in the province of Albay.
After participating in the Albay Renewable Energy and Investment Summit in September 2024, the company conceptualized its Albay Wind Power Project. With a project area of 6,318 hectares, the prospective project could accommodate at least 150 megawatts (MW) wind capacity and would form part of the power firm’s next pipeline of projects beyond Alternergy’s current Road to 500MW by 2026.
“This is an exciting time for us as we are set to complete construction of our Tanay and Alabat Wind Power Projects this year, after which Alternergy will be moving forward with developing new wind projects,” added Hedeager.
Alternergy founders co-developed Bangui Bay wind farm in 2005, the first wind farm in the Philippines and the first throughout Southeast Asia. After bringing Pililla Rizal wind farm into operations in 2015, Alternergy is currently constructing two wind projects this year in Tanay, Rizal and Alabat, Quezon. The Albay wind project would be its fifth in the country.
Under the COA, AWHC was deemed qualified following sufficient compliance with the requirements set forth in Department Circular (DC) No. 2024-06-0018 and to conduct pre-feasibility studies. AWHC has three years to complete the pre-feasibility studies and permitting activities from government agencies, and if the project site is proven commercially viable, the COA will be converted into a 25-year Wind Energy Service Contract.
“The COA framework is a landmark policy initiative by the current DOE under Energy Secretary Raphael Lotilla. It supports developers from the onset, thereby helping mitigate project risks and enhance overall project viability.”
Alternergy aims to develop up to 500MW of additional wind, solar, and run of river hydro projects. It debuted at the Philippine Stock Exchange as the first initial public offering (IPO) in March 2023.
In December 2024, the company distributed its first dividend payments to its preferred shareholders, including the Government Service Insurance System (GSIS) in the amount of P118 million.
Last February, the company reported that it posted lower earnings in the first half of fiscal year (FY) 2025 due to lower revenues from its wind power asset.
From P121.2 million, Alternergy reported a net income of P88.6 million for the six-month period ending December 31, 2024. The decrease was attributed to lower revenues from the Pililia wind power project which saw lower wind speeds during the period.
The company said its operating revenues surged by 81 percent to P181 million from P100 million, boosted by the inclusion of six-month operating results of the Palau Solar Power Project, with a capacity of 15.3-megawatt peak solar PV and 12.9-MW hour battery energy storage system. It started commercial operations in December 2023.
Alternergy’s other solar projects—Kirahon Solar Project and portfolio of CityMall rooftop projects—continued to provide steady revenue contributions.
