Green energy auction a game changer for Alternergy as it bags 3 projects
Renewable power pioneer and publicly listed Alternergy Holdings Corporation (Alternergy) welcomed the confirmation from the Department of Energy (D0E) today that it won all of the projects it bid for in the recent Green Energy Auction 2 (GEA 2) Program last July 3.
“This is extremely positive news. Winning all our projects we bid for is a game changer for Alternergy. For the next three years, we will be building three projects with 200MW of contracted capacity, a jump from 80MW to 384MW in gross installed capacity in 3 years,” Alternergy Chairman Vicente S. Pérez Jr. said. “Having built the country’s earliest wind and solar farms, our management team has strong experience in constructing wind and solar projects. We anticipate there will be challenges but we are excited and ready to proceed with the projects we won under GEA 2.”
Two of Alternergy’s projects that won the GEA 2 are wind with a combined capacity of 140 MW under the project company Alternergy Tanay Wind Corporation (ATWC). These are the 86 MW Tanay Rizal Wind Power Project located adjacent to its existing Pililla Rizal wind farm, and the 55 MW Alabat Island Wind Power Project located in the province of Quezon.
Alternergy, through its recently acquired Liberty Solar Energy Corporation (LSEC), also won the bid for its 67MWdc solar ground-mounted power project located in Tarlac province.
“The Alternergy dedicated bid teams prepared extensively for this year’s auction, from bid documentation to technical analysis to financial modelling. The team exerted significant efforts on competition landscape analysis in preparing the bid offers, giving us sufficient comfort and confidence that our projects are feasible and viable,” Gerry P. Magbanua, president of Alternergy said. “Once operational, these projects will contribute significant steady flow of revenues for Alternergy and accelerate achieving our goal of 1,096 GWh of annual generation from renewable power.” Under the GEAP, winning bidders will sign a 20- year renewable power supply agreement with the National Transmission Company.
“Aside from the anticipated positive impact of the projects to Alternergy, new investments under the green energy auction will boost economic activities of our host communities and create hundreds of renewable energy jobs,” Mr. Magbanua added.