Alternergy takes over two Quezon wind farms

MANILA, Philippines — Alternergy Holdings Corp., chaired by former energy secretary Vince Perez, has seized control of two wind power projects with a total capacity of 246 megawatts (MW) in Quezon province.

Alternergy said it acquired the majority shareholdings of CleanTech Global Renewables Inc. in the 96-MW Tayabas North and the 150-MW Tayabas South wind projects.

The deal, covering project assets, permits and related contracts, was executed through a deed of assignment between Alternergy’s Calavite Passage Wind Power Corp. and CleanTech.

Mabuhay Capital served as the transaction’s financial advisor. The transfer of assets is subject to approval by the Department of Energy.

Financial details of the transaction were not immediately made available.

CleanTech will retain an equity stake in both wind projects, with the option to increase its investments and capitalize on future opportunities.

“We look forward to co-developing these wind projects with Alternergy, the pioneer in wind energy in the country,” CleanTech CEO Salvador Antonio Castro Jr. said.

Tayabas North, a qualified project in the government’s fourth green energy auction round, is scheduled for completion by 2028.

The delivery date for Tayabas South, meanwhile, hinges on the finalization of an offtake agreement, Alternergy said.

“The acquisition of the Tayabas wind projects will form part of Alternergy’s next project pipeline beyond its first 500 MW,” Alternergy president Gerry Magbanua said.

These projects complement the company’s 64-MW Alabat Wind, its inaugural wind venture in the province.

Earlier, the Energy Regulatory Commission authorized Alternergy to develop a P1.8-billion transmission facility linking its Alabat Wind to the Luzon grid.

At the end of 2024, Alternergy had operated 11 assets with a combined capacity of 86 MW. It aims to reach over one gigawatt of capacity by 2030.