Alternergy, Basic Energy win new DOE contracts

Alternergy Holdings Corp. and Basic Energy Corp. (BEC) are set to pursue new solar and wind power projects meant to boost electricity supply in the power-hungry Luzon grid after the Department of Energy (DOE) approved their respective contracts.

Alternergy was awarded a fresh operating contract for the Apulid solar power project in Tarlac province, which it would pursue outside the guidelines set under the DOE’s second Green Energy Auction (GEA-2) held in July.

Under GEA-2, Alternergy, through its subsidiary Liberty Solar Energy Corp., had committed to make the 49-megawatt (MW) facility available by 2025.

Ditching GEA-2 contract

Alternergy, however, decided to ditch the GEA-2 contract that resulted in its bid bond of P50 million cancelled in favor of the government.

Pursuing the project outside GEA-2 conditions, according to Alternergy, would allow it to achieve “better prices” for its investment. It said the new operating contract would allow it to exclusively explore the 144-hectare area in the municipality of Paniqui.

Meanwhile, BEC said the DOE had issued a wind energy service contract for its Ilocos Norte nearshore wind power project in the municipality of Pasuquin.

See Also

Geopolitical risks to weigh on PSEi

The company has exclusive rights to explore, develop and utilize the wind energy resources in the 5,500-hectare contracted area, according to a disclosure to the Philippine Stock Exchange on Thursday.

Based on its simulations, the project is expected to deliver 90 to 112 megawatts (MW) to the national grid. The company did not disclose a target completion date for the project. INQ