Alternergy Holdings Corp. said Tuesday unit Alternergy Tanay Wind Corp. (ATWC) signed a long term lease agreement with the Rizal provincial government for the site of its 100-megawatt Tanay wind power project.
“The signing of our lease agreement with the Rizal provincial government is a positive development for our Tanay wind power project. This will allow us to proceed with the construction of the project by 2024,” Alternergy chairman Vicente Perez Jr. said.
The company is putting up the Tanay wind project on hilly properties owned by the provincial government at elevations of 300 to 600 meters above sea level.
“We are delighted to once again partner with Alternergy and deepen the ties built when Alternergy’s Pililla Wind Farm was constructed in 2015 to establish the Rizal province as the new capital for wind projects in the country,” Rizal Governor Nina Ricci Ynares said.
The Rizal province signed a lease in September 2012 for one of its properties to Alternergy’s Pililla wind farm.
“Negotiations for the long-term lease under a competitive process were suspended during the COVID 19 pandemic. With the signing of this lease, we are excited to help bring more renewable energy and tourism to the province of Rizal,” said Alternergy vice president and legal counsel Ina Arriola.
Arriola said the lease is a landmark agreement covering 44 hectares over a 25-year period. It entitles rental income for the province for the use of the land and share in the revenue from energy generation.
Alternergy said last week its board approved the re-allocation of the initial public offering proceeds intended for its offshore wind and hydro projects to advance the development of the Tanay wind project and Alabat wind project in Quezon.
