Alternergy’s Tanay wind project draws interest from potential partners

MANILA, Philippines — Renewable energy firm Alternergy Holdings Corp. has attracted foreign and local equity partners for its 100-megawatt (MW) Tanay wind project.

In a statement yesterday, Alternergy, through its wholly owned subsidiary Alternergy Tanay Wind Corp. (ATWC), said it has received proposals from major international and local energy companies to co-develop the proposed Tanay wind power project located in Rizal.

“We have received strong interest from three major energy companies following the request for proposals due in March 2023. The official letters of intent (LOI) have been received and we will proceed next to review their respective proposals to finalize the selection of our preferred equity partner,” Alternergy president Gerry Magbanua said.

The company did not disclose the identity of the companies interested in the Tanay wind farm.

However, it said 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 part of a large Philippine conglomerate.

The 100-MW Tanay wind power project is a shovel-ready project with major permits obtained and a wind data of four years.

It has also completed several technical studies including the logistics, environmental and energy assessment. It has also received height clearance approval from the Civil Aviation Authority of the Philippines.

Alternergy’s Tanay Wind Power Project is part of the company’s robust expansion plans in the next five years, with capital expenditure set at P20 billion.

Alternergy aims to develop up to 1,370 MW of additional wind, offshore wind, solar and run of river hydro projects.

Part of the proceeds from Alternergy’s initial public offering (IPO) will be used to fund the development activities of Alternergy’s pipeline of projects, including the Tanay wind power project.

Alternergy is set to list at the PSE on March 24.