Alternergy Holdings Corporation (ALTER), a renewable energy pioneer, underscores its steadfast commitment to ethical practices, transparency, and accountability in all its transactions, including its partnership with the Government Service Insurance System (GSIS).
“We are confident that all our actions adhere to the highest standards of governance,” said Gerry Magbanua, Alternergy President.
“Maintaining stakeholder trust is at the core of everything we do.” Alternergy has assured its readiness to cooperate with any official review.
In December 2023, GSIS subscribed to Alternergy’s perpetual preferred shares (PPS), which offer an 8% annual coupon, a step-up on the 7th anniversary, and redemption at a premium starting the 5th year.
These PPS, listed on the stock exchange in March 2024, are tradeable securities.
Alternergy remitted the first PPS coupon of Php118 million to GSIS in December 2024, with GSIS expected to yield a 56% return on its Php1.45 billion investment, totaling Php826 million over seven years.
The investment has been instrumental in accelerating the development of Alternergy’s Tanay and Alabat wind projects, awarded under the Department of Energy’s Green Energy Auction 2 (GEA 2) Program.
These projects are part of Alternergy’s four ongoing developments, totaling 225 MW capacity.
“This affirms the soundness of GSIS’ investment decision in Alternergy,” said Magbanua, “and reflects its and its members’ commitment to renewable energy and sustainability.”
Alternergy has demonstrated consistent profitability and financial growth since its initial public offering in March 2023.
The company posted a 241% increase in net income from 2023 to 2024 (Php38.0 million to Php129.6 million) and a 60% revenue growth (Php171.5 million to Php274.9 million).
In July 2024, Alternergy declared its first common dividend of Php0.01 per share, amounting to Php40 million in total.
“These are clear signals of strong fundamentals and responsible capital allocation and reflect our ability to grow while upholding integrity,” Magbanua added. “Our commitment to transparency and sound governance remains firm.”
Alternergy continues to drive shareholder value while advancing renewable energy development in the Philippines, aiming to achieve its “Road to 500MW” goal by 2026.
