ALTERNERGY Holdings Corp., through its subsidiary Alternergy Tanay Wind Corp. (ATWC), has signed an agreement with the National Grid Corporation of the Philippines (NGCP) to connect its 100-megawatt (MW) Tanay Wind Power Project in Rizal to the grid.
鈥淭he ICA (interconnection agreement) signing for the Tanay Wind Power Project is a big step,鈥 ATWC President Knud Hedeager said in a statement on Monday.
鈥淣GCP鈥檚 approval is a positive response to fostering connectivity for renewable energy projects and increased critical energy infrastructures,鈥 he added.
The agreement was done weeks after the signing for ICA of the 64-MW Alabat Wind Power Project in Quezon province.
鈥淪imilar to the ICA for the Alabat Wind Power Project, NGCP stands to provide assistance to Alternergy鈥檚 Tanay Wind Power Project which will contribute substantial renewable capacity to the grid to bolster the country鈥檚 energy sufficiency and sustainability,鈥 NGCP President and Chief Executive Officer Anthony L. Almeda said.
鈥淎s the transmission network provider and system operator, NGCP鈥檚 mandate is to expand the capacity and reliability of the grid to accommodate new generation projects,鈥 he added.
The Tanay Wind Power Project is set to commence development phase after obtaining the certificate of confirmation of commerciality from the Department of Energy.
It has also completed and signed the commercial contracts, particularly the wind turbine supply agreement and the balance of plant engineering, procurement, and construction contract.
The company has committed to deliver the wind project by end of 2025.
Alternergy aims to develop up to 1,370 MW of renewable energy sources such as onshore and offshore wind, solar, and run-of-river hydropower.
At the local bourse on Monday, the company鈥檚 shares went down by P0.01 or 1.39% to close at P0.71 each. 鈥 Sheldeen Joy Talavera
