Alternergy acquires two Quezon wind projects from CleanTech

Renewable power pioneer Alternergy Holdings Corporation (Alternergy) announced that it is acquiring from CleanTech Global Renewables Inc. (CleanTech) two wind power projects in Quezon Province referred to as Tayabas North and Tayabas South wind energy projects.

In a disclosure to the Philippine Stock Exchange (PSE), Alternergy’s special purpose company Calavite Passage Wind Power Corporation, is acquiring under a Deed of Assignment from CleanTech the project assets, permits, and related contracts of CleanTech’s Tayabas North Wind Energy Project covered by Wind Energy Service Contract (“WESC”) No. 2022-06-208 and CleanTech’s Tayabas South Wind Energy Project covered by WESC No. 2021-10-186.

Alternergy reported that Tayabas North Wind Energy Project with at least 96MW estimated capacity was one of the qualified bids under the 4^th Green Energy Auction conducted by the Department of Energy last September 2 which was included in the DOE Preliminary List of Accepted Bids released on September 5.

“We are excited to develop our second wind project in Quezon Province after our 64MW Alabat Wind Project is completed in early 2026”, said Gerry P. Magbanua, president of Alternergy. “The Quezon Provincial government, led by Governor Dra. Helen Tan has been proactive in attracting renewable investments in her province”, he added.  The acquisition of the Tayabas wind projects will form part of Alternergy’s next project pipeline beyond its first 500MW.

Salvador Antonio Castro Jr, CEO of CleanTech, said, “We look forward to co-developing these wind projects with Alternergy, the pioneer in wind energy in the country.” CleanTech will retain a minority equity stake in each of the two wind projects and has an option to co-invest further in both wind projects. 

Mabuhay Capital acted as Financial Advisor to the transaction. The transfer of assets is subject to regulatory approval by the Department of Energy.