ALTERNERGY Holdings Corp. announced on Tuesday that it has raised a total of P3 billion in equity this year, including an investment from the Government Service Insurance System (GSIS).
“Alternergy has raised a total of P3 billion in equity capital in the last nine months following our P1.62-billion initial public offering (IPO) in March this year,” Alternergy President Gerry P. Magbanua said in a stock exchange disclosure.
Alternergy said it has received P1.45 billion worth of perpetual preferred shares from GSIS, a deal that was signed last month.
“We are pleased to receive the GSIS investment which boosts our equity base,” Mr. Magbanua said.
He said that the recent capital-raising activities would enable the company to initiate the next phase of project development, focusing on the construction of the 86-megawatt (MW) Tanay and 55-MW Alabat wind power projects.
The company previously said that it had received certificates of award from the Department of Energy for the two projects under the Green Energy Auction (GEA) 2 program.
The GEA program is a competitive process for procuring renewable energy supply by offering capacities to qualified bidders at a set maximum or ceiling price.
The company aims to complete the Tanay wind farm in Rizal and the Alabat wind farm in Quezon province by the second quarter of 2024.
Last week, Alternergy announced that its board of directors had approved the appointment of BDO Capital & Investment Corp. as its mandated lead arranger for an up to P4 billion fixed-rate green corporate note issuance.
Alternergy aims to develop up to 1,370 MW of renewable energy sources, including onshore and offshore wind, solar, and run-of-river hydropower.
At the local bourse on Tuesday, shares of the company fell by three centavos or 4.05% to close at P0.71 apiece. — Sheldeen Joy Talavera