Alternergy gets P1.45 billion funding from GSIS

MANILA, Philippines — Renewable energy company Alternergy Holdings Corp. has received P1.45-billion funding from the subscription to perpetual preferred shares of the Government Service Insurance System (GSIS).

The funding will support Alternergy’s next phase of development projects, including the construction of the Tanay and Alabat wind power projects under the Green Energy Auction 2 program of the Department of Energy.

GSIS last month subscribed to 100 million of Alternergy’s perpetual preferred shares 2 Series A at P14.50 apiece, for a total subscription amount of P1.45 billion under a private placement.

“We are pleased to receive the GSIS investment which boosts our equity base. Alternergy has raised a total of P3 billion in equity capital in the last nine months following our P1.62 billion initial public offering in March this year,” Alternergy president Gerry Magbanua said.

Magbanua said GSIS’ capital infusion would support Alternergy’s rollout of sustainable investments.

“The proceeds from our recent capital raising activities positions Alternergy to immediately start off the next phase of development, in particular the construction of the Tanay and Alabat wind power projects under the GEA 2 program of the government,” he said.

Alternergy, which debuted at the Philippine Stock Exchange as the first initial public offering this year, is a renewable energy company with a solid portfolio of project companies engaged in different renewable energy projects, particularly wind, run-of-river hydro, solar farm and commercial rooftop, battery storage and offshore wind projects.

As part of its expansion plans in the next three years, Alternergy aims to develop up to 366 megawatts of additional wind, solar, and run of river hydro projects.

The company has recently been building up its capital backbone to fund its portfolio of renewable projects.

In early October, Alternergy stockholders approved the reclassification of a portion of its preferred shares into three series of non-voting perpetual preferred shares.