MANILA, Philippines – Renewable energy developer Alternergy Holdings Corp. has struck a P2.4-billion deal to sell a 40-percent stake in its Tanay and Alabat wind farm projects to the group of mining magnate Walter Brown.
Industry sources told the Inquirer that Alternergy had signed on Thursday an agreement that would allow A. Brown Company Inc. to buy into each of the two projects.
Alternergy, founded by a group led by former Energy Secretary Vicente Perez, will keep a 60-percent stake.
The wind farms are under Alternergy Tanay Wind Corp. and Alabat Wind Power Corp.
The two projects will have a combined generation capacity of 192 megawatts upon completion next year.
Brown group’s single biggest investment
The P2.4-billion investment marks the single largest investment made by A. Brown to date, industry sources added.
The company is primarily engaged in real estate development in the Misamis Oriental and Caraga Region.
A. Brown has subsidiaries involved in palm oil milling, power generation, investment holdings and crude oil operations covering manufacturing and trading of petroleum products and by-products.
The investment in Alternergy’s two wind projects is made through subsidiary ABC Energy Inc.
For its part, Alternergy develops, operates and maintains different renewable energy projects such as wind, solar, run-of-river hydro and battery storage power projects. Its vision is to be a leading renewable energy firm in the Philippines.
Renewable energy pioneers
Three of Alternergy’s founding partners – Perez, Knud Hedeager and Gerry Magbanua – are renewable energy pioneers in Southeast Asia. They were involved in the development of Bangui Bay wind farm in North Luzon, the first commercial wind farm in Southeast Asia.
After the completion of Bangui Bay wind farm, the three came together to create Alternergy. Since 2008, Alternergy has served as a clean energy pioneer in the Philippines. It has developed 86 MW of operating assets in wind and solar energy.
Alternergy is anticipating rapid growth with a pipeline of assets in hydro, wind and solar energy under development, with potential installed capacity of up to 500 MW expected by the end of 2026. /dda
https://business.inquirer.net/554226/a-brown-invests-p2-4b-in-2-alternergy-wind-farms
