Philippine Company Acquires Shell’s Stake in 3 Offshore Wind Projects, Becomes Sole Owner

Wedoany.com Report-Nov 13, Philippine renewable energy holding company Alternergy Holdings Corporation (ALTER) has acquired full ownership of three offshore wind projects in the Philippines which the company owned together with Shell.

Through its subsidiary Alternergy Wind Holdings Corporation, Alternergy bought Shell’s 40 per cent interest in the Tablas Strait Offshore Wind Power Corporation, the company developing the Tablas Strait 1, 2, and 3 offshore wind farms.

In a disclosure on the Philippine Stock Exchange on 8 November, the company said the initial feasibility study for the projects was already completed and that Alterenergy would now build on the study results and move forward with pre-development activities.

“ALTER is bullish on the prospect of the offshore wind (OSW) power in the Philippines, a priority of the PBBM Administration. Beyond our 500 MW capacity target by 2026, our Tablas offshore wind projects form part of the next pipeline of projects. With full control of the Tablas Projects, we are eager to proceed at a more accelerated pace,” said Knud Hedeager, president of Alternergy Wind Holdings Corporation.

Hedeager said that the Philippine Department of Energy (DOE) has spearheaded positive developments in offshore wind, including an agreement with the Department of Environment and Natural Resources (DENR) recently signed to simplify issuing environmental compliance certificates (ECCs) for offshore wind energy projects and the collaboration with the Philippine Ports Authority (PPA) to repurpose and modernise port infrastructure.

According to Alternergy, an interconnection project currently under development in the country, called the Batangas-Mindoro Interconnection Project (BMIP), will transport power from the Mindoro Province, where the Tablas offshore wind projects are planned to be built, to the main load centre. The National Grid Corporation of the Philippines (NGCP) is expected to complete the BMIP interconnection by 2027.

Alternergy secured the rights to investigate the site offshore Mindoro, located between northwest Mindoro and Lubang Island, in 2022 and teamed up with Shell that same year.

According to information about the Tablas project shared earlier, the total capacity of the three offshore wind farms could be at least 1 GW.