Alternergy's 500 MW push gains momentum

It says three new projects are in full swing.

The Philippines’ Alternergy Holdings Corporation said it is actively pursuing its target of reaching a 500 megawatt (MW) capacity by the year 2026. This goal is being fueled by the commencement of full construction on three new power projects totaling 220 MW.

“The Tanay and Alabat Wind Power Projects are in full-swing construction now after we broke ground in May and June. Our Solana Solar Power Project has also issued the Notice to Proceed with the construction,” Alternergy President Gerry Magbanua said.

“These three projects combined with our Dupinga and Kiangan run-of-river hydro power projects that have been in construction would add 242 MW of capacity by end of 2025,” he said.

The company said it has raised $357.14m (PHP20b) in capital since the initial public offering in March 2023 to fund these projects. In the past couple of months, a total of $273.21m (PHP15.3b) has been raised, it added.

Magbanua said the company is also developing the 80 MW Liberty aquavoltaic solar power project in Paniqui, Tarlac. The company has completed technical studies for this, and is currently obtaining necessary permits for the project, with the goal of bringing it shovel-ready by next year.

$1 = PHP56.01