Alternergy Holdings Corporation says that it has extended a convertible loan of up to Php 4.45 billion to its wholly-owned subsidiary, Alternergy Wind Holdings Corporation.

This may be converted into 5,000 additional subscription shares at a rate of Php 889,000 each.

In a report by Business World, Alternergy confirmed that its board approved the loan agreement, which is subordinated and interest-bearing. 

Additionally, the board supported the creation of a new subsidiary to serve as a shared services center for Alternergy and its subsidiaries. This new entity will be incorporated with authorized and paid-in capital of up to Php 5 million.

Alternergy has set ambitious expansion goals, aiming to develop up to 500 megawatts (MW) of renewable energy projects, including wind, solar, and run-of-river hydro.