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Manila Bulletin devider Business devider Denmark firm to participate in two Alternergy Wind Projects

Denmark firm to participate in two Alternergy Wind Projects

Published Dec 6, 2023 04:37 am

At A Glance

  • Alternergy Holdings Corp. appoints Denmark-based K2 Management as the Owner's Engineer (OE) of two Philippine wind projects.<br><br>K2M offers construction management, design reviews, site management, and quality control measures.<br><br>Alternergy continues to accelerate the development of Tanay and Alabat Wind Farms.

Altenergy Holdings Corp., a renewable power pioneer, has chosen K2 Management (K2M), an energy transition project management and engineering consultancy firm with headquarters in Denmark, to develop and construct two wind projects in the Philippines.

 

In a disclosure to the Philippine Stock Exchange on Wednesday, Dec. 6, K2M was appointed as the Owner’s Engineer (OE) to support the Tanay Wind Project in Rizal and the Alabat Wind Project in Quezon. 

 

According to Alternergy, the Denmark firm will support the procurement process within a multi-contracting framework, construction management, design reviews, site management, and quality control measures of the two wind projects.

 

Scott Hsu, K2M country director for Taiwan and Philippines, expressed his excitement over the renewable energy (RE) collaboration, and assured that the company has a keen understanding of Asia-Pacific markets.

 

“By leveraging our international consultants, and local expertise, and collaborating closely with Alternergy’s team, we are well-positioned to ensure the successful development and construction of these two pioneering projects,” he shared.

 

Patrick Architta, Asia Pacific President for K2M, felt hopeful about Alternergy’s development capabilities and the K2 Management’s expertise combined.

 

“We have been witnessing a remarkable surge in the solar sector in the Philippines, and now, we are seeing the onshore wind sector take off as well,” he said.

 

Alternergy Wind President Knud Hedeager also believed that the projects represent the Philippines’ energy transition goals, stating “We look forward to working with K2M as we seek to ensure that this momentum continues.”

 

“Leveraging insights from an independent advisor, whose expertise has come from established markets globally, was the natural choice for us as we aim to deliver clean and sustainable power,” Hedeager added.

 

Subsequently, Alternergy continues to fast-track the development of Tanay and Alabat Wind Projects after winning the Green Energy Auction 2 (GEA 2) for an offtake market.

 

RE Corp. reported that the financing for the projects was secured after back-to-back corporate finance activities.

 

In addition to this, they tapped three investment banks, namely the Bank of the Philippine Islands (BPI) Capital, Rizal Commercial Banking Corp. (RCBC) Capital, and Security Bank (SB) Capital to raise the P12-billion project finance structure for the two wind projects.

 

“In early October, Alternergy stockholders approved the reclassification of its preferred shares into three Series of non-voting perpetual preferred shares,” Alternergy said.

 

Meanwhile, the company also inked an agreement with the Government Service Insurance System (GSIS) for the P1.45 billion worth of perpetual preferred shares 2 series A of Alternergy.

Related Tags

Alternergy Holdings Corporation wind farm tanay wind farm
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