ALTERNERGY Holdings Corp. said Monday it had signed an interconnection agreement with National Grid Corp. of the Philippines (NGCP) for its 100-megawatt (MW) wind power project in Tanay, Rizal.

This deal, signed subsidiary Alternergy Tanay Wind Corp. (ATWC), was the second interconnection contract formalized by the renewable energy firm with NGCP, following that for the 64-MW Alabat wind power project in Quezon province.

"The ICA signing for the Tanay Wind Power Project is a big step. We are delighted to receive NGCP's approval to connect considering the current transmission challenges for any power project," ATWC President Knud Hedeager said.

"NGCP's approval is a positive response to fostering connectivity for renewable energy projects and increased critical energy infrastructures," he added.

NGCP President and CEO Anthony Almeda said: "Similar to the ICA for the Alabat Wind Power Project, NGCP stands to provide assistance to Alternergy's Tanay Wind Power Project, which will contribute substantial renewable capacity to the grid to bolster the country's energy sufficiency and sustainability."

Alternergy said that development of the Tanay project was set to start following the award of Energy Department certification and the signing of several commercial contracts.

Alternergy's share price fell by a centavo to P0.71 on Monday.