Alternergy unit secures offshore wind contract in Northern Mindoro

Alternergy-offshore wind

Alternergy Holdings Corp., through its subsidiary Pililia AVPC Corporation (PACO), has secured a renewable energy service contract for its target offshore wind farm in Calavite passage in Northern Mindoro. 

In a statement, Alternergy chairman Vicente Perez Jr said that offshore wind would play a crucial role in the country’s energy supply security in the medium term. 

The service contract covers around 78,000 hectares straddling northwest Mindoro and Lubang Island. According to Perez, the contract is “situated within one of the six zones identified by the World Bank with the high offshore wind potential.” 

According to a World Bank study, the country has potential offshore wind resources worth around 178 gigawatts (GW). 

The firm, however, has not given details on the targeted capacity of the project as well as the scale of investments for the venture. 

Alternergy said that its offshore wind project would boost the Department of Energy’s (DOE) target of 35% share in renewable energy in the country’s energy mix by 2030 and 50% by 2040. 

Northern Mindoro is seen to have a potential of five gigawatts worth of offshore wind energy. The average wind speed in the area is around 11 meters per second. 

Alternergy is looking to conduct a Php2.18 billion initial public offering (IPO) to fund its renewable energy (RE) projects.