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Business

Alternergy eyes P2.1 billion from IPO

Iris Gonzales - The Philippine Star

MANILA, Philippines — Alternergy, a renewable energy company chaired by former energy secretary Vince Perez, is embarking on an initial public offering worth up  to P2.1 billion.

In a registration statement filed with the Securities and Exchange Commission (SEC), Alternergy said it would offer up to 1.5 billion common shares, consisting of up to 1.3 billion common shares with an over-allotment option of up to 192 million secondary common shares, at a price of P1.48 per share to raise up to P2.1 billion.

The company tapped Investment & Capital Corp. of the Philippines (ICCP) as sole issue manager and underwriter.  Alternergy is targeting to list this year but the exact timetable is still to be  announced.

Proceeds to be raised  from the sale of the primary shares, estimated at P1.9 billion, will  be used to finance the construction of projects under development, namely Solana Solar project, and Lamut Hydro project; as well as for payment for the acquisition of shares of Kirahon Solar Energy Corp. shares.

It would also be used for pre-development expenses of pipeline projects, namely Ibulao Hydro project, Tanay Wind project, Alabat Wind project, and Calavite Offshore Wind project and for working capital to operationalize Retail Electricity Supply.

Alternergy is a renewable energy holding company that has a portfolio of investee companies which embarked on different renewable energy projects such as wind, solar, hydro, floating solar and battery storage power projects.

Its vision is to be a leading renewable energy firm in the Philippines and to strive to create a more sustainable future for the next generation.

The company has developed 67 MW of operating assets in wind and solar and an additional 62 MW of hydro and solar projects under construction.

Its expansion plans in the next five years include 1,245 MW of additional wind, offshore wind, solar and run of river hydro projects. Alternergy’s management team is composed of a pioneering group of RE advocates who were also involved in the development of the 33MW Bangui Bay wind farm in Ilocos Norte, the first commercial wind farm in Southeast Asia at that time.

The company also owns majority of Solar Pacific Energy Corp. co-founded with Michael Lichtenfeld, who has extensive experience on solar power projects as a former Director of Utility Project Development at SunEdison in USA.

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VINCE PEREZ

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