MANILA, Philippines — Alternergy Holdings Corp. is consolidating its land assets with a recently acquired land holding firm, setting the stage for a potential real estate investment trust (REIT) listing.
Alternergy said Triple Play Land Corp. (3PLCo), a newly established holding company, would consolidate the land assets designated as project sites for its renewable energy (RE) developments.
“3PLCo can eventually be used as a platform by Alternergy to transform it into a future REIT to raise additional capital for the group,” Alternergy president Gerry Magbanua said.
He said the landholding company would be “unique due to its diverse holdings of complementary renewable power assets.”
Earlier, the energy firm completed the acquisition of the issued and outstanding capital stock of Alternergy Solar Holdings Corp. (ASHC) as part of its ongoing restructuring.
ASHC will hold Alternergy’s solar energy portfolio similar to the already existing Alternergy Wind Holdings Corp. for wind and Alternergy Mini Hydro Holdings Corp. for hydro.
The company expects ASHC to “bring about a more vitalized solar energy portfolio,” resulting in “operational efficiency and open new markets and access to larger capital resources.”
Moving forward, Alternergy plans to secure an additional P15 billion in fresh funds to boost the development of its RE projects across the country.
It also intends to beef up its RE fleet, with five projects coming on stream as early as October next year.
The expansion aligns with the company’s target of achieving a capacity of 500 megawatts by 2026.
Alternergy Holdings, formerly Alternergy Viento Partners Corp., was incorporated on June 18, 2009 as El Viento Partners Corp. It later changed its corporate name to its present name on April 24, 2018.
The listed firm is a RE holding company that has a portfolio of investee companies, which embarked on different RE projects, such as wind, solar, hydro, floating solar, and battery storage power.