Alternergy ventures into Visayas wind with new acquisition

Alternergy Holdings Corp. is expanding its wind portfolio with the acquisition of the Alegria Cebu Wind Power Project, its first wind investment in the Visayas grid.

In a Monday disclosure to the Philippine Stock Exchange, the company said its wholly owned subsidiary, Alternergy Wind Holdings Corp. (AWHC), will acquire a 95 percent equity stake in MC Project Solutions Inc. (MCPSI), the developer of the approximately 80-megawatt (MW) Alegria Cebu Wind Project covered by Wind Energy Service Contract No. 2024-05-402.

“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,” said Gerry P. Magbanua, president of Alternergy. 

He added that the acquisition will help advance the company’s goal of building 1 gigawatt of renewable energy capacity by 2030.

MCPSI CEO Pedro Pascual said: “Given the track record of Alternergy in wind project development, we are pleased to collaborate with Alternergy in developing the first wind energy undertaking on the island of Cebu.”

Alternergy noted that the Alegria project, with an estimated capacity of at least 56 MW and up to 80 MW, was selected as one of the winning bids in the Department of Energy’s Fourth Green Energy Auction held on 2 September. 

The project is still in pre-development and is scheduled for delivery by late 2028 under the auction program.