ALTERNERGY Holdings Corp. said Friday that it now owned 100 percent of Tablas Strait Offshore Wind Power Corp. (TSOWPC) after acquiring a 40-percent stake held by Shell Overseas Investment B.V. for an undisclosed amount.
The company told the stock exchange that the transaction was made through unit Alternergy Wind Holdings Corp. (AWHC).
TSOWPC is developing the Tablas Strait 1, 2 and 3 offshore wind projects.
Prior to the transaction, Alternergy already held a 60-percent interest in Tablas.
In early 2023, the Department of Energy awarded three separate wind energy service contracts representing the Tablas Strait 1, 2 and 3 offshore wind projects, to Alternergy’s business, unit Pililla AVPC Corp.
The service contracts to explore, develop, and utilize wind resources in the Tablas Strait were later assigned to TSOWPC upon the latter’s incorporation.
AWHC President Knud Hedeager said they were bullish about the prospects of offshore wind power in the Philippines.
“Beyond our 500-MW (megawatt) capacity target by 2026, our Tablas offshore wind 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.
He added that recent policy and regulatory developments “are positive signals for us as a developer” to proceed swiftly with the offshore wind projects.
“The initial study has indicated the projects are viable. We will build on the results of this study and move forward with pre-development activities,” Hedeager continued.
“In time, we expect to initiate collaboration with interested third parties to realize the Tablas projects,” he said.
Alternergy shares were unchanged at P0.91 apiece on Friday.
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