Alternergy unit to take over 80-MW Cebu wind project – BusinessWorld Online
ALTERNERGY Holdings Corp., through its wind subsidiary, is acquiring a majority stake in the developer of the 80-megawatt (MW) Alegria Cebu Wind Project, marking its entry into the Visayas renewable energy market.
In a stock exchange disclosure on Monday, Alternergy said its wholly owned unit, Alternergy Wind Holdings Corp. (AWHC), is set to acquire a 95% equity stake in MC Project Solutions, Inc. (MCPSI), which is developing the Alegria Cebu Wind Project.
“The acquisition by AWHC marks a significant step in expanding Alternergy’s renewable energy portfolio into the Visayas Grid,” the company said.
The listed renewable energy developer said the Alegria Cebu Wind Project was one of the winning bids in the Department of Energy’s (DoE) fourth green energy auction last September.
GEA-4 projects cover technologies such as ground-mounted, roof-mounted, and floating solar; onshore wind; and integrated renewable energy and energy storage system (IRESS).
The GEA program aims to build up renewables as a primary source of energy. The supply contract for winning renewable energy projects will run for 20 years from the start of commercial operations.
Alternergy said the Alegria Cebu Wind Project is in the pre-development stage and has a committed delivery date in 2028.
“We are excited to develop our first wind project in Cebu which marks a significant step in expanding our renewable energy portfolio into the Visayas grid,” Alternergy President Gerry P. Magbanua said.
Alternergy added that the acquisition advances its goal of reaching about 1 gigawatt of renewable energy capacity by 2030.
At the local bourse on Monday, shares in Alternergy gained six centavos, or 7.41%, to end at 87 centavos apiece. — Ashley Erika O. Jose