Alternergy Holdings Corp. said on Wednesday that its board of directors approved the listing of a total of 470.4 million perpetual preferred shares.
In a regulatory filing, the listed energy company said that the board greenlit on Tuesday the listing and filing of 370.4 million perpetual preferred shares 1 and 100 million perpetual preferred shares 2 series A.
Meanwhile, the company has been preparing for the issuance of green corporate notes amounting to up to P4 billion as part of its capital-raising activities to support its renewable power projects.
Its board approved last month the appointment of BDO Capital & Investment Corp. as its mandated lead arranger for the fixed rate green corporate notes.
Since its P1.65-billion initial public offering in March 2023, Alternergy has raised a total of P3 billion in equity, according to its president Gerry P. Magbanua.
Part of this was the P1.45-billion worth of perpetual preferred shares subscribed by the Government Services Insurance System.
In December, Alternergy said that it would return the wind energy service contract for its Calavite Passage offshore wind power project in Mindoro to the Department of Energy due to feasibility concerns.
The company said that the results of the study for the offshore wind project identified “several technical issues that could potentially make the development unfeasible at this time given the available technical innovations and market conditions.”
Alternergy aims to develop up to 1,370 megawatts of renewable energy sources, including onshore and offshore wind, solar, and run-of-river hydropower.
At the local bourse on Wednesday, shares of the company fell by three centavos or 4% to close at P0.72 apiece. — Sheldeen Joy Talavera