Alternergy sets IPO price at P1.28/share

MANILA, Philippines — Alternergy Holdings Corp., the soon-to-list renewable energy company led by former energy secretary Vince Perez, has set the final price of its initial public offering (IPO) at P1.28 per share.

This is lower than the P1.48 per share price indicated in the company’s registration statement.

At P1.28 per share, Alternergy seeks to raise up to P1.6 billion from an offer size of 1.15 billion firm shares and 115 million shares for the over-allotment option or a total of 1.3 billion shares.

The company is targeting to list on March 24, after the offer period slated from March 13 to March 17, according to its latest prospectus.

Net proceeds from the offer will be used to fund the company’s expansion, particularly the development and construction of the projects under development namely its Solar project, and Lamut hydro project; payment of accrued liabilities on its acquired Kirahon Solar Energy Corp. and pre-development expenses of pipeline projects.

These pipeline projects are Ibulao Hydro project, Tanay Wind project, Alabat Wind project, Calavite Offshore Wind Project and Tablas Strait Offshore Wind Project.

Remaining proceeds will be used for general corporate requirements, and working capital to operationalize retail electricity supply.

The company tapped Investment & Capital Corp. of the Philippines (ICCP) as sole issue manager and underwriter.

Alternergy is a renewable energy holding company with different projects such as wind, solar, hydro, floating solar and battery storage power projects.

To date, the company has developed at least 67 megawatts of operating assets in wind and solar and an additional 62 MW of hydro and solar projects under construction.

In the next five years, its expansion plans include 1,245 MW of additional wind, offshore wind, solar and run of river hydro projects.

Alternergy’s management team is composed of a pioneering group of RE advocates who were also involved in the development of the 33MW Bangui Bay wind farm in Ilocos Norte, the first commercial wind farm in Southeast Asia at that time.

The company also owns a majority of Solar Pacific Energy Corp. co-founded with Michael Lichtenfeld, who has extensive experience on solar power projects as a former director of Utility Project Development at SunEdison in the US.