Energy supermajor Shell has sold its stake in the Tablas offshore wind project off the Philippines to local renewables company Alternergy.
Shell sold its entire 40% interest in Tablas Strait Offshore Wind Power Corp., the developer of the Tablas Strait 1, 2, and 3 offshore wind farms, to a subsidiary of Alternergy.
Before the acquisition, Alternergy owned a 60% interest in the developer with Shell holding the remaining 40%. The Philippine company is now the sole owner of the development company and the wind farms. The financial details were left undisclosed.
“Alternergy is bullish on the prospect of offshore wind power in the Philippines. Beyond our 500MW capacity target by 2026, our Tablas offshore wind projects form part of the next pipeline of projects. With full control of the Tablas projects, we are eager to proceed at a more accelerated pace,” said Alternergy president Knud Hedeager.
He added that the Tablas projects were viable under the feasibility study and that the company would be moving forward with pre-development activities.
Shell and Alternergy teamed up to explore the Philippines’ offshore wind potential in 2022. Data on the wind farms suggests that the capacity for all three wind farms could be between 1GW and 1.2GW
