Three foreign and local energy companies are vying for the co-development of Alternergy's 100-megawatt (MW) Tanay wind project, the pioneer renewable power firm said in a statement Thursday.
Alternergy president Gerry Magbanua said these energy companies have expressed strong interest after the request for proposals deadline in March 2023.
The proposals were submitted to Alternergy's wholly-owned subsidiary Alternergy Tanay Wind Corp. (ATWC).
The official letters of intent (LOI) have been received and we will proceed next to review their respective proposals to finalize the selection of our preferred equity partner, Magbanua said.
Alternergy cited the three companies that would like to co-develop the Tanay wind project - one of the world's largest energy companies based in Europe, a regional renewable energy company with a portfolio of wind and solar projects across the Asia-Pacific region, and a major domestic energy player that is part of a large Philippine conglomerate.
The Tanay wind power project is shovel-ready, has obtained major permits, and has four years of wind data.
It has also completed several technical studies, including logistics, and environmental and energy assessment, and has received height clearance approval from the Civil Aviation Authority of the Philippines.
The wind power project is part of Alternergy's five-year expansion plan, which includes developing up to 1,370 MW of additional wind, offshore wind, solar, and run-of-river hydropower projects.
With Alternergy's initial public offering (IPO), proceeds will fund the Tanay wind power project, as well as other projects in the pipeline. - PNA
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