Alternergy Holdings Corporation reports that it has successfully raised Php 20 billion in capital over the past 15 months, since its initial public offering (IPO) in March.
Aiming to operate new capacities by 2025, the capital raising program intends to finance the rapid development of up to 204 megawatts (MW) of new capacity.
These projects include the 64 MW Alabat Wind Power Project situated in Quezon, the 28 MW Solana Solar Power Project situated in Hermosa, Bataan, and the 112 MW Tanay Wind Power Project situated in Tanay, Rizal.
“Alternergy’s initial capital raising activity since the IPO in March 2023 is almost at the homestretch. The Php20 billion funding will support the timely completion of new generation capacities to contribute to the government’s target to increase renewable energy share and help beef up the country’s power supply situation, ” said Alternergy president Gerry P. Magbanua.
A credit arrangement with the Bank of the Philippine Islands (BPI) and the Security Bank Corporation was signed last week by Alternergy, through its affiliate Alternergy Tanay Wind Corporation (ATWC), for up to Php 8 billion in financing for the completion of the Tanay Rizal Wind Power Project.
In other developments, the firm signed a Green Corporate Loan with BDO Unibank, Inc. (BDO) amounting to Php 2 billion to increase its financial capacity as the parent company to back the three new initiatives.
Furthermore, a second tranche of the Green Corporate Loan was also being finalized, together with an additional Php 6.3 billion in new project funding that is nearing completion. While the IPO raised Php 1.62 billion, Alternergy obtained Php 1.45 billion through the issuing of preferred shares in November 2023. This brought the total of Php 21 billion in funds raised in 15 months.
“Once the final signings of the remaining PhP 6.3 billion are done, we expect to go back to the drawing board to further plan for the next round of capital raising activity to reach our medium-term target of 500 MW capacity by 2026,” added Magbanua.
Aside from these three projects in the pipeline, Alternergy would push through with the development of solar rooftop power projects and the Liberty aqua-voltaic project in Tarlac.
