The Department of Energy (DOE) issued certificates of award (COA) to Alternergy Tanay Wind Corp.’s (ATWC) two wind power projects for submitting the winning bids in the Green Energy Auction 2 program in July.
Alternergy Holdings Corp. said in a disclosure to the Philippine Stock Exchange (PSE) Monday the DOE confirmed compliance by its unit ATWC of the post-auction requirements under GEAP-2 which includes the posting of performance bond.
“The confirmation by the DOE and subsequently the issuance of the COA is a critical milestone as it formally awards our two wind projects with 20-year off-take agreements with the National Transmission Corp. (TransCo) with a specific tariff,” Alternergy president Gerry Magbanua said.
He said the certificates of award from the DOE is critical to ATWC’s project lenders “who are close to completing their due diligence with target financial closure by first quarter of next year.”
Magbanua said ATWC conducted competitive bidding for the equipment supply and construction contracts with construction expected by the second quarter of 2024.
The Tanay wind power project announced the signing of a long-term lease agreement with the Rizal provincial government in October for the provincial property as the project site.
The Alabat wind project also received the approval from the Quezon Provincial Development Council supporting the project.
ATWC announced the award of the owner’s engineer (OE) contract to K2 Management (K2M), a leading energy transition project management and engineering consultancy last week.
K2M will support Alternergy in the procurement processes within a muti-contracting framework, followed by construction management, design reviews, site management and quality control measures.