Alternergy Tanay Wind Corp., or ATWC, a subsidiary of renewable energy company Alternergy Holdings Corp., is leasing out a portion of land owned by the Rizal provincial government for its Tanay Onshore Wind Project.
In a stock report on Tuesday, Alternergy disclosed that ATWC signed a landmark lease contract with a Revenue-Sharing Agreement with the provincial government last Monday.
Under the deal, ATWC will be allowed to use parcels of land registered in the name of the Rizal provincial government for the wind project.
Alternergy chairman Vicente Pérez Jr. and president Gerry P. Magbanua signed the deal on behalf of ATWC, while Governor Nina Ricci A. Ynares represented the province.
Priority project
The Tanay Onshore Wind Project is one of Alternergy’s priority projects given the clamor for developers to uncover the potentials of the country’s wind resources.
Alternergy thus reallocated the proceeds of its initial public offering or IPO to provide additional financial support to its Tanay and Alabat Wind Power Projects, which won in the Green Energy Auction 2 of the Department of Energy.
Project construction by Q1 2025
“Alternergy is fully intent to proceed with the activities leading to immediate construction by the first quarter of 2025, and thus, the reallocation of the IPO proceeds,” Pérez Jr. said.
“The reallocation of proceeds will be a boost for now while the project funding for construction is being finalized,” Gerry Magbanua, Alternergy president, added.
The IPO proceeds were supposedly for the Lamut Run-of-River Hydro Power Project and the Offshore Wind Power Projects.