Philippine renewable energy developer Alternergy Holdings Corp said on Monday it will acquire two wind power projects in Quezon province from CleanTech Global Renewables Inc, expanding its pipeline of projects in the country’s growing clean energy sector.
Alternergy’s unit, Calavite Passage Wind Power Corp, signed a deed of assignment with CleanTech to acquire project assets, permits and contracts for the Tayabas North and Tayabas South wind energy projects, the company said in a disclosure to the Philippine Stock Exchange.
The North project, with an estimated capacity of at least 96 megawatts, was among the qualified bids under the Department of Energy’s fourth Green Energy Auction held earlier this month.
“We are excited to develop our second wind project in Quezon province after our 64MW Alabat Wind Project is completed in early 2026,” Alternergy President Gerry Magbanua said, adding that the acquisition forms part of the firm’s next project pipeline beyond its initial 500MW target.
Quezon Governor Helen Tan has been “proactive in attracting renewable investments in her province,” Magbanua said.
CleanTech will retain an equity stake in both projects and has an option to increase its investment, CEO Salvador Antonio Castro Jr said.
“We look forward to co-developing these wind projects with Alternergy, the pioneer in wind energy in the country,” he added.
Mabuhay Capital acted as financial advisor to the transaction. The transfer remains subject to approval from the Department of Energy.
Alternergy, which listed on the Philippine Stock Exchange in March 2023, is pursuing a “Road to 500MW” expansion plan through 2026, with projects in wind, solar, run-of-river hydro and battery storage. Four projects are currently under advanced construction, including its Alabat and Tanay wind farms.
Business News Asia
