Alternergy Philippine Holdings Corp announced that they had entered into a joint venture with Eurus Energy Japan Corp. and Korea East West Power Co. (EWP) to develop renewable energy projects in the Philippines. Both companies will invest a total of $100 Million into the company.

EWP is a subsidiary of Korea Electric Power Corp. (Kepco) while Eurus Energy Japan is a subsidiary of Eurus Energy Holdings Corp. of Japan which in itself is owned by Tokyo Electric Power Company, Inc. and Toyota Tsusho Corp.

EWP has prior experience in energy generation as they own six power plants in Korea generating 9500 MW. Eurus Energy Holdings meanwhile owns and operates wind and solar renewable energy power plants worldwide.

Alternergy Philippine Holdings Corp. was founded by former Energy secretary Vincent Pérez and earlier this year had signed a wind energy development contract with the Philippine Department of Energy.

Thanks to the passage of the renewable energy bill in the Philippines, investor confidence in the emerging clean energy sector has been slowly firming up.

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