Alternergy Holdings Corp. is preparing to raise capital to finance more of its prospective renewable energy projects in its pipeline.
In a report by the Philippine Star, the RE firm said that it secured its shareholders’ approval in reclassifying its PHP 1.48 billion preferred shares, with a par value of PHP 0.10, into two classifications, with perpetual preferred shares 1 at PHP 1.181 billion.
Meanwhile, its new PHP 300 million non-voting perpetual preferred shares 2, which also has a par value of P0.10 per share, are split down into Series A, B, and C of 100 million value of shares per series.
This is in anticipation of Alterenergy’s next capital raising exercise to fund its upcoming renewable projects, Alternergy president Gerry Magbanua stated.
Recently, the company tapped three investment banks to raise finance for its project pipeline, including
PHP 12 billion for its Tanay and Alabat wind power projects, acquired under the Department of Energy’s Green Energy Auction 2.
To accelerate the development of its projects, the board of directors has also approved the reallocation of its initial public offering earnings.
Alternergy with the Rizal local government have also embarked on a long-term lease agreement covering 44 hectares of property over 25 years, for the development of the 100-megawatt Tanay wind power project.
In the next five years, Alterenergy also seeks to add up to 1,370 MW wind, offshore wind, solar and run-of-river hydro projects.
