Alternergy secures water permit for Ifugao hydro project

IPO-bound renewable energy firm Alternergy Holdings Corp. has secured the water permit for its planned run-of-river hydro power project in Ifugao.

Alternergy said the National Water Resources Board (NWRB) has recently awarded water permit to its wholly owned subsidiary Ibulao Mini Hydro Corp. (IMHC).

“The award of the water permit is a significant milestone in the development of our Ibulao 2 run-of-river hydro power project, which forms part of our portfolio of projects in Ifugao,” IMHC president and CEO and Alternergy director Eduardo Miranda said.

The Ibulao 2 project involves the development, construction and operation of 7.4-MW hydropower power in Barangay Bolog in the municipality of Kiangan and Barangay Caba in the municipality of Lagawe.

It will harness a portion of the flow of water from the Ibulao River to convert to reliable and clean renewable power.

Miranda said further permitting activities would be pursued by the company, particularly the consent from the indigenous peoples, following the issuance of the water permit.

“In the coming months, we will commence the conduct of the activities to obtain the Free and Prior Informed Consent of our host indigenous cultural communities,” Miranda said.

“This 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,” he added.

The Ibulao 2 hydro project is part of the Alternergy’s robust expansion plans in the next five years.

Alternergy aims to develop up to 1,370-MW of additional wind, offshore wind, solar and run of river hydro projects.

In Ifugao, Miranda said Alternergy’s 17.4-MW Asin-Hungduan and Ibulao 1 projects in the municipality of Kiangan are in full swing construction.

The 6.8-MW Lamut project in the municipalities of Lamut and Asipulo, meanwhile, is shovelready for construction, he said.

According to Alternergy, part of the proceeds from its upcoming initial public offering (IPO) will be used to fund pre-development activities of projects in the pipeline including the Ibulao 2 project.

Alternergy is offering up to 1.150 billion in primary shares at an offer price of up to P1.48 per share.

The price setting date is set on March 7, with the offer period to run from March 13 to 17.

Alternergy targets to list at the Philippine Stock Exchange on March 24.