Offshore wind energy, as source of renewable energy (RE), is gaining popularity among business groups who are into RE. This is attested by the recent signing of 3 additional offshore energy contracts in favor of soon to be listed firm Alternergy Holdings Corporation (AHC) by the Department of Energy (DOE).
In a statement released by the AHC it said “. . . its wind arm Pililla AVPC CORP. (PACO) has been granted exclusive rights to explore, develop, and utilize wind resource in the wind-swept Tablas Strait separating Mindoro and Antique. And, that the 3 newly awarded wind energy service contracts awarded . . . covers about 120,000 hectares.”
Accordingly, “the time span for an offshore wind project to develop and see the first wind turbine erected could take from 6 to 9 years.” Further, Altern-ergy was quoted saying that “. . . part of the proceeds from upcoming initial pub-lic offering (IPO) would be used to fund the pre-development activities of its pipe-line of projects, including the offshore wind power projects.” The corporation will be offering primary shares of up to 1.150 billion and will issue an over-allotment option of up to 115 million shares – both offers will run from March 13 till 17th, to beat the listing date on March 24, 2023.
Each time that I read firms venturing in renewable energy, especially on tapping offshore wind energy, gives me a sigh of relief taking it as the country’s inching toward reducing its energy consumption. The Alternergy Holdings Corpo-ration should be commended for tapping the offshore wind energy resource of the country. This way, the Philippines is able to follow the climate change proto-cols of cutting down carbon emission.
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