Renewable power company Alternergy Holdings Corp. received an approval from the Quezon Provincial Development Council (PDC) to develop a P5-billion, 62-megawatt wind power project in Alabat, Quezon.
“We welcome the favorable support from the Quezon province. We will be long-term partners for the development of not just the Alabat Island but the entire province. Our Alabat Wind Power Project is committed to delivering sustainable energy and growth to our community,” Alternergy president Gerry Magbanua said.
The Quezon PDC said the project “is seen to be beneficial to the socio-economic development of the province and its constituent.”
It said this is consistent with the vision and mission of a progressive Quezon province through optimized utilization of resources and provision of infrastructure and support services.
The PDC endorsement is one of the remaining pre-construction clearances for the Alabat wind power project which will be connected to the power grid via the 69-kilovolt distribution system of Quezon 1 Electric Cooperative.
Alternergy is expected to issue notice to proceed construction by the second half of 2024.
The company is accelerating the development of its wind power projects, the Alabat and Tanay wind power plants, with combined capacity of up to 164 MW, both recently awarded under the Green Energy Auction 2 (GEA 2) Program of the Department of Energy (DOE).
The company re-allocated its initial public offering (IPO) proceeds intended for its offshore wind and hydro projects to advance the development of the two wind projects.
Alternergy tapped three leading investment banks as lead arrangers for a P12-billion project finance structure for the construction of the two wind power projects.
Alternergy issued the mandate to BPI Capital Corp., RCBC Capital Corp. and SB Capital Investment Corp. for the terms and structure of the debt financing.