LOCAL Filipino energy firm Alternergy has secured the appropriate water permit for its planned 7.4-megawatt Ibulao-2 run-of-river hydro power project in Ifugao province, a requirement for the facility to advance to its commercial development stage.
Alternergy director and president and CEO of Ibulao Mini Hydro Corporation (IMHC) Eduardo Miranda said that the project is part of its Ifugao portfolio, which includes the currently under construction 17.4 megawatt (MW) Asin-Hungduan and Ibulao-1 in Kiangan town in Ifugao, while another 6.8 MW hydropower project in Lamut town in the same province is ready to begin breaking ground.
Miranda said that following the approval of the water permit, the firm is now working on securing the necessary free, prior and informed consent (FPIC) of the indigenous communities in the area.
Alternergy is targeting to expand its portfolio to a total of 1,370 MW worth of power production from purely renewable energy sources across solar, wind and hydro projects.
As part of its efforts to fund its ongoing projects, the firm is scheduled to have its initial public offering (IPO) during the first quarter of the year, as well as be on the Philippine Stock Exchange (PSE) by March 24.