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Manila Bulletin devider Business devider DOE-certified Tanay, Alabat wind projects achieve critical milestone

DOE-certified Tanay, Alabat wind projects achieve critical milestone

Published Dec 11, 2023 07:18 am

At A Glance

  • Alternergy Tanay Wind Corp. (ATWC) has been awarded with certificates from the Department of Energy (DOE) for Tanay and Alabat wind power projects.
  • ATWC is a subsidiary of Alternergy Holdings Corp.
  • The Certificates of Award supports project lenders in their due diligence by next year.
  • Altenergy President hopes to start wind projects construction by the second quarter of 2024.
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Described as the company’s critical milestone, the Alabat and Tanay wind projects of the Alternergy Tanay Wind Corp. (ATWC) received certificates of award (COA) from the Department of Energy (DOE) for being the winning bids under the Green Energy Auction 2 (GEA-2).

 

In a disclosure to the Philippine Stock Exchange (PSE), the DOE said that the subsidiary of Alternergy Holdings Corp. was able to comply with the post-auction requirements, including the posting of their performance bond.

 

The GEA-2 is a program which procures the renewable energy (RE) supply in the Philippines. 
 

Alternergy President Gerry P. Magbanua highlighted the importance of the DOE certification in completing appraisals of the project lenders, as well as getting contracts with the National Transmission Corp. (Transco).

 

He explained that the awarded COA gives the two wind power projects a 20-year offtake agreement with Transco along with a special tariff.

 

The agreement is usually dealt with or negotiated before the construction of the wind power projects.

 

“The Certificates of Award from the DOE is critical to our project lenders who are close to completing their due diligence with target financial closure by the first quarter of next year,” he said.

 

“ATWC has been conducting competitive bidding for the equipment supply and construction contracts with a target start of construction by the second quarter of 2024,” Magbanua elaborated.

 

In October, a long-term lease agreement was inked between the Tanay Wind Power Project and the Rizal Provincial Government to lay out the project within the governing property.

 

Subsequently, the Quezon Provincial Development Council supported the Alabat Wind Power Project.

 

Alternergy hopes to develop up to 474 megawatts (MW) of additional wind, solar, and hydro projects.

 

Previously, ATWC tapped Denmark-based K2 Management (K2M) as the Owner’s Engineer (OE) to support and conduct consultations with Alternergy’s projects.

Related Tags

Alternergy Holdings Corporation alabat quezon tanay wind farm
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