MANILA, Philippines — Renewable energy pioneer Alternergy Holdings Corp. is beefing up its board ahead of its stock market debut with the appointment of former Trade Secretary Gregory Domingo and BPI Wealth president and CEO Maria Theresa Marcial as independent directors.
Alternergy chairman and former energy secretary Vince Pérez said Domingo and Marcial bring with them years of experience and expertise in government, banking, and investment management as independent directors in the soon-to-be listed company.
“Secretary Greg Domingo and Ms. Tere Marcial are highly distinguished professionals who will help steer Alternergy to its new course as a publicly-listed company,” Perez said.
Perez said Alternergy’s new independent directors are also strong champions of renewable energy and sustainability.
“Secretary Domingo and Ms. Marcial actively promoted investments in renewable energy projects in their respective posts. We are proud to welcome them to the Alternergy Team and look forward to working with them,” he said.
Domingo served as secretary of the Department of Trade and Industry from July 2010 to December 2015.
He is also currently an adviser to the board of SM Investments Corp. and is a director of BDO Private Bank.
Marcial, on the other hand, is a seasoned banker who served various senior leadership positions at the Bank of the Philippine Islands.
Aside from her current role as president and CEO of BPI Wealth, she is also a board director of BPI AIA Life Assurance Corp., BPI Europe Plc. and BPI International Finance Ltd. Hong Kong.
Alternergy is engaged in different renewable energy projects, particularly wind, run-of-river hydro, solar farm and commercial rooftop, battery storage and offshore wind projects.
The company has a robust expansion plan in the next five years, with the aim of developing up to 1,370 megawatts (MW) of additional wind, offshore wind, solar and run of river hydro projects.
Alternergy’s debut in the Philippine stock market has been approved by the Securities and Exchange Commission and the Philippine Stock Exchange.
It will offer of up to 1.150 billion primary shares, representing 30.11 percent of the company’s economic ownership, at an offer price of up to P1.48 per share.
Alternergy will also issue an over-allotment option of up to 115 million shares for a stabilization fund to be managed by BDO Capital, the joint issue manager and joint lead underwriter.
The company intends to use bulk of the proceeds from the initial public offering (IPO) to finance the development and construction of shovel-ready projects as well as those under development.
Proceeds from the IPO will also be used to repay liabilities related to the acquisition of the Kirahon Solar Energy Corp., which owns and operates the 12.5-MWp solar farm in Misamis Oriental.
Alternergy’s offer period will run from March 13 antoMarch 17, with the listing date eyed on March 24.