Alternergy vows wind project won’t pose threat to Tanay

By Meg J. Adonis – 09:54 AM February 17, 2024
from inquirer.net / Philippine Daily Inquirer

MANILA, Philippines  —A subsidiary of renewable energy firm Alternergy Holdings Corp. has partnered with the municipal government of Tanay to ensure that a soon-to-rise wind power project would enhance the livelihood of communities while lessening environmental impact.

In a stock exchange filing on Friday, the company said Alternergy Tanay Wind Corp. (ATWC) had signed a memorandum of agreement with the local government of Rizal province to make sure that the operation and maintenance of the upcoming 99.2-megawatt Tanay wind project “align with the best interests of the (municipal local government) of Tanay and its constituents.”

The company added they would jointly pursue programs and projects to enhance livelihood and job opportunities, local tourism, education, environmental protection and disaster risk and reduction.

“We aim to be a responsible guest and long-term partner to help achieve the development and environmental goals of the Tanay municipality,” said Knud Hedeager, ATWC president.

Alternergy, headed by former Energy Secretary Vicente Perez Jr., won the Tanay wind project in the Department of Energy’s second Green Energy Auction program held last year. The project is scheduled to be operational by 2025.

The company raised P1.62 billion from its initial public offering (IPO) in March last year. Of the total, P113 million will go to the development of the Tanay project.

Another P100 million from the IPO proceeds was set aside for the Alabat wind power project in Quezon province.

Alternergy saw its earnings balloon to P121 million in the second half of 2023 period amid higher revenues.