Another renewable energy firm is planning to go public.
The Securities and Exchange Commission said it has officially received the registration statement of Alternergy Holdings Corporation (AHC) for a planned initial public offering worth up to P2.18 billion.
Alternergy was founded by a management team led by former Philippine Energy Secretary Vicente Pérez (2001–2005), key members of which were involved in the 33 MW Bangui Bay wind farm in North Luzon, the first commercial wind farm in Southeast Asia.
SEC documents show that Alternergy is planning a primary offer and sale of up to 1.28 billion common shares priced at up to P1.48 each, with an overallotment option of up to 192.22 secondary common shares.
Net proceeds from the offer will be used to fund the development and construction of the company’s Solana Solar and Lamut Hydro projects and payment for acquisition of Kirahon Solar Energy Corp. shares.
It will also use part of the proceeds for the pre-development expenses of pipeline projects, namely Ibulao Hydro project, Tanay Wind project, Alabat Wind project, and Calavite Offshore Wind project; general corporate requirements; and working capital to operationalize Retail Electricity Supply.
The company engaged Investment & Capital Corporation of the Philippines as the underwriter for the transaction.
AHC, formerly Alternergy Viento Partners Corporation, 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.
Three of Alternergy’s founding partners were involved in the development of Bangui Bay wind farm. After the project’s completion, these partners, Knud Hedeager, Vicente Pérez, and Gerry Magbanua came together to create Alternergy, applying what they learned at Bangui Bay to break new ground on more renewable energy projects.
Since 2008, Alternergy has served as a clean energy pioneer in the Philippines and has developed 67.24 MW of operating assets in wind and solar.
Alternergy is anticipating rapid growth with a pipeline of assets in hydro, wind, and solar under development, with potential installed capacity of up to 1,465 MW of renewable energy.