Alternergy Holdings Corp. has secured a water permit for its planned run-of-river hydropower project in Ifugao.
In a report by the Philippine Star, Alternergy said that the National Water Resources Board (NWRB) has awarded a water permit to its wholly-owned subsidiary Ibulao Mini Hydro Corp. (IMHC).
IMHC president and CEO and Alternergy director Eduardo Miranda said that the water permit is a significant milestone in the development of our Ibulao 2 run-of-river hydropower project which forms part of their portfolio of projects in Ifugao.
The Ibulao project is a 7.4-megawatt (MW) hydropower in Barangay Bolog in Kiangan town and Barangay Caba in Lagawe, Ifugao. The project will harness a portion of the flow of water from the Ibulao River.
Alternergy will continue its permitting activities, including the Free and Prior Informed Consent from the host indigenous cultural communities.
The Ibulao 2 hydro project is part of Alternergy’s expansion plans, wherein it looks to add 1.4 gigawatts (GW) of renewable energy in the next five years.
Alternergy, who will be joining the Philippine Stock Exchange, will use a portion of the proceeds from its initial public offering (IPO) for the pre-development activities of its projects, including the Ibulao 2 project.
The renewable energy company will be offering up to 1.150 billion in primary shares with an offer price of up to Php 1.48 per share.
The price setting date will be on March 7, while the offer period will run from March 13 to 17.
Alternergy looks to debut on the stock exchange on March 24.