Alternergy partners with Japanese, Korean firms

MANILA, Philippines - Alternergy Philippine Holdings Corp. (APHC) yesterday announced it has formed a joint venture with Eurus Energy Japan Corp. and Korea East West Power Co. (EWP) to develop renewable power projects in the Philippines.

APHC was founded by former Energy Secretary Vince Pérez.

The joint venture was an offshoot of the landmark Renewable Energy Act (RE Act) signed on January 2009, which sets clear policy and regulatory frameworks as well as provides a generous set of incentives to RE developers.

“Together with EWP, we are very excited to enter the Philippine renewable power market. The Philippines is our primary investment target in Southeast Asia,” said Minoru Saito, director of Eurus Energy Japan.

EWP president Lee Gil Gu also expressed optimism in investing in the Philippines given the huge resource potential and attractive incentives for renewable investors.

EWP announced its equity investment in Alternergy during President Arroyo’s state visit in Korea last May.

For his part, Pérez, acknowledged the strong support given by EWP and Eurus Energy Japan. “We have formed a strong partnership. We hope to tap on the expertise and experience of the three companies to harness renewable power in the Philippines and contribute to mitigating climate change,” he said.

EWP, one of the spin-off power generating subsidiaries of Korea Electric Power Corp. (Kepco), owns six power plants in Korea with 9,500 megawatt in total generating capacity. The company is diversifying its fuel portfolio to include renewable power both in Korea and overseas.

Eurus Energy Japan is the wholly-owned subsidiary of Tokyo-based Eurus Energy Holdings Corp. which is owned by Tokyo Electric Power Co. Inc. and Toyota Tsusho Corp. Eurus Energy Holdings develops, owns and operates renewable energy facilities, including both wind and solar, with 1,827 MW worldwide, through Eurus Energy group companies.

Alternergy is a renewable power company founded by Pérez in 2007. The company has identified wind power projects in the Philippines with potential of 30 MW to 40 MW each.