With recent increases in the green energy firm’s financial revenues, Alternergy Holdings Corp. is confident that its renewable energy (RE) projects will propel its energy capacity to new heights, overcoming any potential challenges.
In a recent briefing at the Philippine Stock Exchange Investor Day, Alternergy President Gerry Magbanua assured the stakeholders that they are on track to completing about 310 megawatts (MW) worth of projects by 2025.
The current overall capacity recorded as of yearend 2023 is 86 MW.
While the firm is aware of the possible hurdles such as regulatory approvals, and geopolitical challenges like the prolonged El Niño or La Niña, Alternergy has strategized contingency planning and allowances in case of any delays.
Magbanua noted that they have been experiencing red and yellow alerts, signaling a strong issue in supply availability in the country.
“We want to help solve this problem by accelerating the deployment of our [intensified] capacity generation within the next two years,” he added.
The Alternergy chief emphasized that the National Renewable Energy Program (NREP), which has been updated by the Department of Energy (DOE) would allow a 50 percent share of RE in the Philippines’ energy mix by 2040.
The NREP would help develop the country’s green energy resources, bring in more stimulating investments in the RE sector, and improve renewable power planning that would allow cost-efficiency and feasible developments.
Other recent developments
When asked about more RE developments to bring into the country, Magbanua stated that several potential options are currently coming from stakeholders.
“Big landowners come to us to take a look at their properties that are sitting idle and want us to develop them into renewable energy [zones],” he said. “At the moment, we’re carefully looking into these projects and our goal is to keep building within the two years. That way we’re able to bring shareholder value that would translate to fair-pricing.”
Alternergy would also look into vertical wind power generation given that they have a larger volume of wind projects in the Philippines. This technology, however, must be determined whether or not it can be commercially viable.
Meanwhile, the energy firm’s two projects– the Tanay and Alabat wind farm – are active in development and partnership.
Alternergy lauded the National Grid Corporation of the Philippines (NGCP) for its recent interconnection deal for the 100-megawatt (MW) Tanay wind power project in Rizal, while the 64 MW Alabat wind power project in Quezon had an interconnection agreement (ICA) to dispatch clean energy.
“Accelerating the deployment of projects is to have access to transmission lines [especially since] we don’t have enough of them… We are able to convince and work with NGCP to connect us to the grid. So that the issue of interconnectivity has been addressed,” the Alternergy chief shared.
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