Alternergy to acquire 95% stake in Cebu wind project, expanding Visayas portfolio

Alternergy Holdings Corp. said in a statement on Monday its subsidiary, Alternergy Wind Holdings Corp., will acquire a 95 percent equity stake in MC Project Solutions Inc. (MCPSI), which has been developing the Alegria wind project in Cebu with a capacity of 56 to 80 megawatts (MW). The Alegria Wind Project is in the pre-development stage and has been chosen as one of the winning bidders in the Department of Energy’s fourth Green Energy Auction, Alternergy Holdings said. The project has a committed delivery date in late 2028, the company said. It added in a disclosure to the Philippine Stock Exchange that it has been working to acquire 2,375,000 shares of the MCPSI for the Cebu wind project “for an aggregate investment amount of P2.5 million.” “We are excited to develop our first wind project in Cebu, which marks a significant step in expanding our renewable energy portfolio into the Visayas Grid,” Alternergy president Gerry Magbanua said. He said the acquisition of the Alegria Cebu wind project will contribute to accomplishing Alternergy’s goal of reaching a total energy capacity from renewable energy projects of 1,000 MW by 2030. “Given the track record of Alternergy in wind project development, we are pleased to collaborate with Alternergy in developing the first wind energy undertaking on the island of Cebu,” MCPSI chief executive officer Pedro Pascual said. Other projects currently pursued by Alternergy include the 128-MW Tanay Rizal Wind Power Project and the 64-MW Alabat Wind Power Project in Quezon Province. The two wind projects are among five RE projects under construction by Alternergy as it aims to have at least 500 MW worth of capacity by 2026. Apart from wind power projects, Alternergy is also currently developing the 28-MW-peak Solana solar power project in Bataan; the 4.6-MW Dupinga run-of-river hydro project in Nueva Ecija; and the 17.4-MW Kiangan run-of-river project in Ifugao Province. Earlier this year, the company said it has been working to achieve a total generating capacity of 311 MW by the end of 2025, from its existing RE portfolio of 86 MW.