By Ashley Erika O. Jose | BusinessWorld
February 21, 2023
RENEWABLE energy company Alternergy Holdings Corp. said its unit has secured a water permit from the National Water Resources Board for the Ibulao run-of-river hydropower project.
Eduardo M. Miranda, president and chief executive officer of Alternergy subsidiary Ibulao Mini Hydro Corp., said in a media release that the award of the water permit is a “significant milestone” in the development of the project.
Ibulao 2 hydropower plant forms part of the group’s portfolio of projects in Ifugao province.
Mr. Miranda said the 17.4-megawatt (MW) Asin-Hungduan and Ibulao 1 projects located in the municipality of Kiangan in Ifugao are now under construction. Alternergy’s 6.8-MW project in Ifugao’s Lamut and Asipulo towns is being readied for construction
“In the coming months, we will commence the conduct of the activities to obtain the Free and Prior Informed Consent (FPIC) of our host indigenous cultural communities. This is a long and tedious process but we already gained experience from our other projects. We are confident in due course we will have the consent of the communities,” Mr. Miranda said.
Ibulao 2 run-of-river hydropower project will involve the construction, and operation of a 7.4-MW hydropower plant in Brgy. Bolog in Kiangan and Brgy. Caba in Lagawe.
Ibulao 2 is part of Alternergy’s plan to expand its portfolio in five years. The renewable energy company aims to develop up to 1,370 MW of renewable energy sources such as onshore and offshore wind, solar and run-of-river hydropower projects.
Alternergy targets to hold on March 24 an initial public offering of shares to raise up to P1.87 billion. Proceeds from the offering will fund the pre-development stage of its projects currently in the pipeline, including the Ibulao 2 hydropower project. — Ashley Erika O. Jose