Alternergy reviews investment offers for Tanay wind project

Three companies have expressed their interest in co-developing renewable energy firm Alternergy's Tanay Wind Power Project, a top executive said.

Alternergy president Gerry Magbanua said the project had garnered 'strong interest' from major foreign and local energy firms, including 'one of the world's largest energy companies' based in Europe.

'The official letters of intent have been received and we will proceed next to review their respective proposals to finalize the selection of our preferred equity partner,' Magbanua said.

The 100-megawatt (MW) Tanay wind project is ready for construction and has an expected annual net generation of 252.9 gigawatt-hours.

Among the interested parties is a regional renewable energy firm with a portfolio of solar and wind projects across the Asia-Pacific region, according to Alternergy.

Another is a local energy player that is 'part of a large Philippine conglomerate.'

Alternergy, founded by former Energy Secretary Vicente Perez, declined to name the companies.

The project recently secured the required height clearance from the Civil Aviation Authority of the Philippines. It will be built on hilly properties in Rizal province at elevations of 300 to 600 meters above sea level.

It is also among Alternergy's projects that will be funded by the firm's upcoming initial public offering.

Earlier, Magbanua expressed that the company was allotting P20 billion in capital expenditures in the next three to five years to fund its renewable energy projects.

Alternergy aims to develop about 1,370 MW of clean energy projects in the next five years through offshore wind, onshore wind, solar, and run-of-river hydro projects