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.
On Tuesday, the energy company disclosed in the stock exchange that it had signed a contract on Monday on behalf of Alternergy Tanay Wind Corp. (ATWC).
The company announced that the agreement pertains to ATWC’s use of specific plots of land that are owned by the provincial government. These parcels will be used for the construction and operation of an onshore wind project in Tanay, Rizal.
“The recent approval of our lease agreement by the Rizal Provincial Government is a promising advancement for our Tanay Wind Power Project,” stated Alternergy Chairman Vicente S. Pérez, Jr. in a press release. “This grants us the opportunity to move forward with the project’s construction by 2024.”
In 2015, the Department of Energy granted ATWC a contract to provide wind energy services. This contract allows the company to develop wind resources on provincial properties in barangays San Andres and Cuyambay in Tanay for a period of 25 years.
The renewable energy corporation has specified that the wind power project will be situated at an elevation ranging from 300 to 600 meters above sea level.
Governor Nina Ricci A. Ynares of Rizal Province expressed her joy in renewing our collaboration with Alternergy. This partnership strengthens the connection initially formed during the construction of Alternergy’s Pililla Wind Farm in 2015 to establish Rizal Province as the prime location for wind projects in the country.
In September 2012, the provincial government entered into a lease agreement for one of its properties with Alternergy’s 54-MW Pililla wind farm. The wind farm began operating in 2015.
Alternergy aims to create a total of 1,370 MW of sustainable energy through the implementation of various sources such as land-based and ocean-based wind, solar power, and hydroelectricity from rivers.
On Tuesday, shares of the company closed unchanged at P0.83 apiece. — Sheldeen Joy Talavera