ALTERNERGY Holdings Corp. said its subsidiary SolarPacific Energy Corp. will subscribe to shares of Liwanag Renewable Energy Corp.
In a regulatory filing on Thursday, Alternergy said the board of directors of SolarPacific had approved the incorporation of its subsidiary Liwanag in a meeting on April 26, which was later modified on June 1.
The move secured the approval of the Securities and Exchange Commission on Tuesday, Alternergy said.
Alternergy said SolarPacific agreed to subscribe to 25,000 shares priced at P1 each. Liwanag will focus on developing, constructing, operating, maintaining, buying, acquiring, investing, selling, importing, and exporting renewable and clean energy systems, power plants, and technologies.
Alternergy said it owns 60% economic interest and 77.76% voting interest in SolarPacific.
The company has committed to developing up to 1,370 megawatts of renewable energy (RE) sources. It previously said that it would invest around P20 billion over the next five years in these projects.
On Thursday, shares in the company closed 0.95% lower at P1.04 each. — Ashley Erika O. Jose