ALTERNERGY HOLDINGS Corp. said its subsidiary inked a lease contract, including a revenue-sharing agreement, with the provincial government of Rizal for a 100-megawatt (MW) onshore wind project.
In a stock exchange disclosure on Tuesday, the listed energy company said it signed the contract on behalf of Alternergy Tanay Wind Corp. (ATWC) on Monday.
The company said the deal is “in respect of ATWC’s utilization of parcels of land” that is registered in the name of the provincial government for the development and implementation of the onshore wind project in Tanay, Rizal.
“The signing of our lease agreement from the Rizal Provincial Government is a positive development for our Tanay Wind Power Project,” Alternergy Chairman Vicente S. Pérez, Jr. said in a media release. “This will allow us to proceed with the construction of the project by 2024.”
ATWC was awarded a wind energy service contract by the Department of Energy in 2015, giving the company 25-year concession rights to develop wind resources on provincial properties in barangays San Andres and Cuyambay in Tanay.
The renewable energy company placed the elevation of the wind power project at 300 to 600 meters above sea level.
“We are delighted to once again partner with Alternergy and deepen the ties built when Alternergy’s Pililla Wind Farm was constructed in 2015 to establish the Rizal Province as the new capital for wind projects in the country,” Rizal Province Governor Nina Ricci A. Ynares said.
The provincial government had signed a lease in September 2012 for one of its properties to Alternergy’s 54-MW Pililla wind farm, which started operations in 2015.
Alternergy is targeting to develop up to 1,370 MW of renewable energy sources such as onshore and offshore wind, solar, and run-of-river hydropower projects.
On Tuesday, shares of the company closed unchanged at P0.83 apiece. — Sheldeen Joy Talavera
