ALTERNERGY Holdings Corp. (Alternergy) is looking to participate in the third and fourth rounds of the Department of Energy's (DoE) Green Energy Auction Program (GEAP), a top company official said last week.

"We are very excited about the prospect of participating in GEAP-3 and 4. In fact, we are working with industry players, together with the DOE, to make sure that all the policies are in place and that the mechanics are very clear," Alternergy President Gerry Magbanua said in an interview last Thursday.

Magbanua said Alternergy had the assets to participate in the third round, referring to the company's 174.4-megawatt (MW) Kiangan run-of-river hydro project in Ifugao, whose first phase is expected to come online by 2026.

"We have assets that can participate in GEAP-3, and one of those is the Kiangan project. But note that we are studying paths on how to conduct its off-taking. First is the feed-in tariff route, then there's GEA-3, and, of course, there's always the possibility of entering into a bilateral agreement with a potential off-taker," he explained.

GEAP-3 will include renewable technologies such as geothermal, impounding hydro, pumped storage hydro, and run-of-river hydro.

For GEAP-4, Magbanua said that Alternergy was also looking to participate because it had various renewable energy projects in the pipeline and that it was just a matter of putting up an energy storage system next to such projects.

GEAP-4 will feature projects that have an integrated renewable energy system, which includes storage batteries, flywheel or pumped storage hydropower systems.

Alternergy recently reported a record-high net income of PP130 million for its fiscal year ending June 2024, boosted by higher revenues from its Palau project.

The company's shares closed at P0.83 apiece on Friday.

Read The Rest at :