Philippine-based renewable energy firm Alternergy Holdings Corporation has acquired the entire Tablas Strait Offshore Wind Power Corporation (TSOPWC), further strengthening its position in the local offshore wind sector.

In a disclosure to the Philippine Stock Exchange last week, Alternergy says the acquisition was made through Alternergy Wind Holdings Corp (AWHC), its wind subholding. Prior to the transaction, Alternergy had held 60% of the Tablas Strait Offshore Wind Power Corporation (TSOPWC), which manages the Tablas Strait 1, 2, and 3 offshore wind projects in Romblon, an island 260 kilometres south of Manila. Shell Overseas Investment B.V. had owned the remaining 40%. 

AWHC president Knud Hedeager says the acquisition is part of the company's goal of expanding offshore wind power in the country.

 “[Alternergy] is bullish on the prospect of offshore wind power in the Philippines, a priority of the PBBM [President Ferdinand "Bongbong" Marcos Jr] administration. Beyond our 500-megawatt 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 an accelerated pace,” he says in a press statement.

AWHC did not disclose the cost of the acquisition.

Alternergy says initial studies for the Tablas projects “showed viability”, and will proceed to the pre-development stage. In the future, the company says it hopes to initiate collaboration “with interested third parties to realize the Tablas projects”.

The AWHC’s purchase also comes on the heels of regulatory developments and government efforts that the company says will further facilitate development of the sector.

Earlier in October, the Department of Energy (DOE) and the Department of Environment and Natural Resources (DENR) inked an agreement that simplifies the process companies have to go through to obtain environmental compliance certificates for offshore wind projects.

Under the new agreement, projects that meet DENR requirements will be allowed access to both offshore and auxiliary areas during the pre-development, development, and commercial stages.