November 11, 2024 | 12:00am
MANILA, Philippines — Alternergy Holdings Corp. has acquired the 40-percent interest of its strategic partner, Shell Overseas Investment B.V., in Tablas Strait Offshore Wind Power Corp. (TSOWPC).
Alternergy, through TSOWPC, is currently developing three offshore wind (OSW) farms covering 120,000 hectares in the Tablas Strait separating Oriental Mindoro and Antique.
The financial details of the transaction were not immediately made available.
“Alternergy is bullish on the prospect of OSW power in the Philippines, a priority of the (Marcos) administration,” said Knud Hedeager, president of Alternergy Wind Holdings Corp., the wind sub-holding unit of the Alternergy group.
The service contracts for the three projects were originally awarded by the Department of Energy (DOE) to Alternergy unit Pililla AVPC Corp. last year but were later assigned to TSOWPC upon its creation.
“Beyond our 500-megawatt capacity target by 2026, our Tablas OSW projects form part of the next pipeline of projects. With full control of the Tablas projects, we are eager to proceed at a more accelerated pace,” Hedeager said.
Following the conduct of an initial study to assess the technical feasibility of the projects, Hedeager said the development of the wind farms is found “viable.”
“We will build on the results of this study and move forward with pre-development activities. In time, we expect to initiate collaboration with interested third parties to realize the Tablas projects,” he said.
Earlier, the DOE and the Department of Environment and Natural Resources teamed up to fast-track the exploration, utilization and construction of OSW projects while ensuring environmental safeguards.
To further support OSW development, the DOE also partnered with the Philippine Ports Authority to modernize three priority ports in Ilocos Norte, Batangas and Camarines Norte.
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