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Manila Bulletin devider Business devider GSIS invests P1.4 B in renewable energy firm

GSIS invests P1.4 B in renewable energy firm

Published Dec 19, 2023 07:12 am

At A Glance

  • The Government Service Insurance System (GSIS) has invested in Alternergy Holdings Corp. to accelerate wind power projects in Rizal and Quezon.<br>The government workers' pension fund invested P1.45 billion by purchasing perpetual preferred shares in Alternergy, according to a disclosure to the Philippine Stock Exchange.<br>Alternergy President Gerry P. Magbanua expressed gratitude to GSIS for the investment, which supports the construction of the Tanay and Alabat wind projects.<br> Alternergy raised a total of P3 billion in equity capital in the last nine months, including a Php1.62 billion IPO in March.<br>The company plans to use the proceeds from recent capital raising activities to advance the construction of the Tanay and Alabat Wind Power Projects under the Green Energy Auction 2 Program.

State-run Government Service Insurance System (GSIS) has invested in renewable energy firm Alternergy Holdings Corp. to speed up the development of wind power projects in Rizal and Quezon.

In a disclosure to the Philippine Stock Exchange on Tuesday, Dec. 19, Alternergy stated that the pension fund for government workers invested P1.45 billion by purchasing perpetual preferred shares in the energy company.

Gerry P. Magbanua, Alternergy president thanked GSIS for the investment, which has provided enough support for the Tanay and Alabat wind projects to push their construction further.

“Alternergy has raised a total of P3 billion in equity capital in the last nine months following our Php1.62 billion initial public offering [IPO] in March this year,” Magbanua said.

“The proceeds from our recent capital raising activities position Alternergy to immediately start the next phase of development, in particular the construction of the Tanay and Alabat Wind Power Projects under the Green Energy Auction 2 (GEA 2) Program of the government,” he added.

Meanwhile, Alternergy made other corporate finance activities to secure the wind projects’ capital.

The BDO Capital & Investment Corp. (BDO Capital) was recently appointed as the Mandated Lead Arranger (MLA) for the P4 billion fixed and repriceable rate green funds.

Along with this, the Bank of the Philippine Islands (BPI) Capital, Rizal Commercial Banking Corp. (RCBC) Capital, and Security Bank (SB) Capital were also appointed as Alternergy’s lead arrangers to secure a P12 billion project finance structure.

This funding would be utilized for the construction and development of Tanay and Alabat Wind Power Projects.

Alternergy interests itself in different RE projects, such as wind, run-of-river hydro, solar and commercial rooftop, battery, and other offshore wind developments.

They hope to pursue up to 1,370 megawatts (MW) of renewable power.

Related Tags

Alternergy Holdings Corporation Government Service Insurance System GSIS
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