Shareholders of renewable energy pioneer Alternergy Holdings Corporation (ALTER) have approved the shelf registration for a future public offering of up to 50 million Green Perpetual Preferred Shares.
The approval, granted during a Special Stockholders Meeting today, authorizes the company to offer the shares at Php100 per share in one or more tranches. This strategic move is designed to bolster Alternergy’s capital-raising capabilities as it accelerates its transition toward a more robust renewable energy portfolio.
Gerry P. Magbanua, President of Alternergy, viewed the unanimous shareholder support as a significant milestone for the company and the broader sustainable investment landscape.
“We see this unanimous approval as a vote of confidence in renewable energy’s potential, especially amidst global energy security concerns. It is a clear signal that sustainable investments are on the right track,” Magbanua stated.
He further emphasized that recent geopolitical tensions in the Middle East have highlighted the vulnerability of the global and local economy, underscoring that renewable energy is the “clearest path to energy security.”
The planned issuance remains subject to regulatory approval by the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE). Once cleared, Alternergy intends to execute the offering with precision.
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Tactical Execution: Issuances will be timed to account for global macroeconomic trends and local market conditions.
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Capital Utilization: Proceeds will primarily fund capital requirements for five Green Energy Auction (GEA) 4 projects.
The capital raised will support a combined capacity of up to 500 MW across Luzon, Visayas, and Mindanao. The specific projects targeted include:
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Liberty Floating Solar (Phases A and B)
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Kalandagan Solar + Battery Energy Storage System (BESS)
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Alegria Wind Project
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Tayabas North Wind Project
Alternergy continues to show strong operational momentum, having recently commissioned the 28 MWp Balsik Solar Power Plant in Bataan and the 5 MW Dupinga Run-of-River Hydro Power Plant in Nueva Ecija. Additionally, the company’s 128 MW Tanay Wind and 64 MW Alabat Wind projects are currently at 80% completion, signaling a rapid expansion of its generation footprint.
