ALTERNERGY Holdings Corp. on Monday said its board had approved its subscription to a 60% stake in Liberty Solar Energy Corp.
In a regulatory filing, the listed company said Liberty Solar is a “potential” special-purpose vehicle to develop renewable energy (RE) projects.
Alternergy will subscribe to 975,000 common shares of Liberty Solar for a one-time payment of P975,000 in cash. It described the target company as “engaged in the business of developing renewable energy resources.”
Alternergy has committed to developing up to 1,370 megawatts of renewable energy sources such as onshore and offshore wind, solar, and run-of-river hydropower projects.
The company previously said that it would invest around P20 billion over the next five years in its renewable energy projects, which will include different emerging technologies.
At the local bourse on Monday, shares in the company fell by two centavos or 1.9% to end at P1.03 apiece. — A.E.O. Jose