Alternergy buys out Tablas project to expand wind bid

Renewable energy company Alternergy Holdings Corp. is accelerating its venture into offshore wind energy development (OSW) after its buyout of Tablas Strait Offshore Wind Power Corp. 

Alternergy, through its subsidiary, Alternergy Wind Holdings Corp., will now fully own the Tablas Strait Offshore Wind Power after acquiring the 40 percent stake previously held by partner, Shell Overseas Investment B.V.

The company, however, did not disclose the financial investment for the acquisition due to a prior agreement with Shell Overseas. 

“ALTER is bullish on the prospect of OSW power in the Philippines, a priority of the PBBM Administration,” AWHC president Knud Hedeager said. 

”Beyond our 500 MW 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.”

OSW projects growing

According to Hedeager, the company will maximize the favorable OSW developments driven by the Department of Energy (DoE).

Particularly, he said the DoE’s agreement with the Department of Environment and Natural Resources to streamline the process for obtaining environmental compliance certificates for OSW projects is poised to encourage more developments. 

Additionally, he noted the collaboration between the DoE and the Philippine Ports Authority to modernize port infrastructure at three sites, including the Port of Batangas, which is close to the Tablas Projects.

“The policy and regulatory developments are positive signals for us as a developer,” Hedeager noted.

Along with these, the Batangas-Mindoro Interconnection Project (BMIP), expected to be completed by 2027, also posts positive prospects for AWHC.

The project will help transport power from Mindoro, including the Tablas Projects, to major energy demand centers.