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Manila Bulletin devider Business devider The Stock Market devider Alternergy wiping out deficit, reallocate IPO proceeds

Alternergy wiping out deficit, reallocate IPO proceeds

Published Oct 6, 2023 07:16 am

Pioneer renewable energy producer Alternergy Holdings Corporation is planning to undertake a quasi-reorganization of its capital stock in order to wipe out P42.27 million in deficit as of June 30, 2023.

In a disclosure to the Philippine Stock Exchange (PSE), Alternergy said its Board of Directors, in a meeting held on Oct. 5, 2023, approved the quasi-reorganization to wipe off the deficit by applying a portion of the firm’s additional paid-in capital (APIC) in the same amount.

Alternergy_VincePerez_.jpg
Alternergy Chairman Vicente S. Perez Jr.

The planned quasi-reorganization is subject to the approval of the Securities and Exchange Commission. The firm noted that, there are no other movements in its authorized capital stock and other Equity accounts. 

Meanwhile, during the same meeting, the Alternergy Board approved the reallocation on the planned use of proceeds from its initial public offering.

Specifically, a portion of the IPO proceeds amounting to P143 million originally intended for the development of the Offshore Wind Projects (in the amount of P55 million) and the Lamut Hydro Project (in the amount of P88 million) will be reallocated.

The funds will instead be used for the development of the Tanay and Alabat Onshore Wind Projects, which have both qualified under the recent Green Energy Auction - 2 of the Department of Energy.

After the re-allocation on the use of the IPO proceeds, the total IPO proceeds to be used for the development of the Lamut Hydro Project and the Offshore Wind Projects are nil and P5 million, respectively, while the Tanay Wind Project and Alabat Wind Project will have P113 million and P100 million, respectively.

Alternergy said last Oct. 2 that it is seeking to raise P12 billion for the construction of two wind power projects it won under the Green Energy Auction 2 (GEA 2) Program in July 2023.

The firm said it has tapped three leading investment banks as lead arrangers to arrange a P12 billion project finance structure. 

Alternergy said it issued the mandate to BPI Capital, RCBC Capital and SB Capital after a competitive process. 

The three investment houses are expected to assist Alternergy in finalizing the terms and structure of the debt financing for the Tanay Wind Power Project in Rizal and Alabat Wind Power Project in Quezon.

Alternergy Holdings Corporation President Gerry P. Magbanua .jpg
Alternergy President Gerry Magbanua

“The total P12.0 billion mandate would be the largest project financing deal to be undertaken by Alternergy and we appreciate the support from RCBC Capital, BPI Capital and SB Capital to ensure that the transactions would yield the most benefit for the Tanay and Alabat Wind Power Projects as laid out under the DOE’s GEA 2 Program,” said Alternergy President Gerry Magbanua. 

He added that Alternergy and the three investment banks, as lead arrangers, are eager to proceed with the transaction to target financial closing by the end of the year.

The Tanay and Alabat Wind Projects have a capacity of up to 164 MW and are expected to be completed by 2025.
 

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