Renewable energy company Alternergy Holdings Corp. is looking to conduct a Php2.18 billion initial public offering (IPO) to help fund its renewable energy (RE) projects. 

In a report by BusinessWorld, Alternergy looks to offer up to Php 1.28 billion common shares at Php 1.48 per share. The IPO would come with an overallotment option of up to 192.22 million. 

The offer period is slated to run from November 11 to November 17 this year, while Alternergy’s listing and trading on the Philippine Stock Exchange (PSE) is set for November 25. 

Proceeds of the IPO will be used to implement the company’s renewable energy projects. Alternergy looks to develop around 1,245 megawatts (MW) of wind, offshore wind, solar and run-of-river hydro projects in the next five years as part of its expansion plans. 

Php 600 million will be allotted for two of Alternergy’s hydropower projects while Php530 will be allotted for the purchase of shares in Kirahon Solar Energy Corp. in Misamis Oriental. 

Meanwhile, Php 400 million will be for Alternergy’s ongoing projects like the Ibulao Hydro Project, Tanay Wind Project, Alabat Wind Project, and the Calavite Offshore wind project. 

Alternergy, founded by former Energy Secretary Vicente Perez Jr., filed its prospectus to the Securities and Exchange Commission (SEC) on June 28.