Alternergy Holdings Corp. said Monday its capital raising activities surpassed P20 billion over a period of 15 months since its initial public offering (IPO) in March 2023.
Alternergy said it would use the funds to accelerate construction of up to 204 megawatts (MW) of new capacity targeted to come online by 2025.
These are the 112-MW Tanay wind power project in Tanay, Rizal, the 64-MW Alabat wind power project in Quezon and the 28-MW Solana Solar power project in Hermosa, Bataan.
“Alternergy’s initial capital raising activity since the IPO in March 2023 is almost at the homestretch. The P20-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” Alternergy president Gerry Magbanua said.
Alternergy raised bulk of the financing amounting to P8 billion for Alternergy Tanay Wind Corp. from Bank of the Philippines Islands and Security Bank in May.
It also raised P2 billion representing the first tranche of the green corporate loan from BDO Unibank last week.
Magbanua said another P2 billion representing the second tranche of the green corporate loan is expected to be raised in the first half of 2024.
Alternergy raised P1.62 billion from its initial public offering in March 2023 and P1.45 billion in preferred shares issuance in November 2023.
The company is also expected to close additional financing of P5.33 billion for Alabat Wind Power Corp. and P1 billion for Solana Solar this month.
“Once the final signings of the remaining P6.3 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,” Magbanua said.
“We are grateful to the financing and investing community who have embraced our innovative funding solutions. The loans so far secured are under the Green Finance Framework we crafted with the Asian Development Bank (ADB), while our inaugural IPO had been successful even in the amidst volatile market sentiments,” he said.
Magbanua said Alternergy would also move ahead with the development of other projects which include the Liberty aqua-voltaic project in Tarlac and the expansion of the solar rooftop power projects. He also said Alternergy is actively pursuing early-stage projects.
“As the development of these new projects progresses, new capital raising program will also take off. Alternergy is focused on building more renewable and sustainable energy projects,” he said.
