Renewable energy pioneer Alternergy Holdings Corporation, the first company to go public this year, is evaluating potential projects being offered by prospective partners as it continues to develop its pipeline. In a media briefing after the listing of the firm’s shares at the Philippine Stock Exchange, Alternergy Chairman and former Energy Secretary Vince Pérez said “we are busy entertaining those potentials.” “As a result of going through this IPO, a lot of companies, a lot of other developers have come to us wanting to partner with us on their projects, for many reasons,” he noted. Perez added that, “One is obviously they could see that we now have a platform that we could raise capital in; second is that they believe in the alternative story in terms of our ability to develop projects, considering our background.” “Some of them just simply ran out of steam—they cannot take their projects forward anymore. For many reasons: lack of funding, they stumbled on issues that they would like some help on. So those are the things that that come to us,” he said. With these offers, Perez pointed out that, “First and foremost, we are really developers. So we go out there and seek out potential sites, potential projects to develop. So yes, we will continue to build on our pipeline and, at the same time we're busy implementing the existing pipeline that we have.” Alternergy shares closed at their offering price of P1.28 per share on its listing day after raising a total of P1.61 billion from its IPO that was 1.25 times oversubscribed. The firm offered 1.15 billion primary shares, representing 30.11 percent of the company’s economic ownership, at an initial price of P1.28 per share. Also fully subscribed is the overallotment option of 115 million shares. “We are listing at the PSE against a backdrop of ongoing global uncertainties. But we believe these challenges are blurred by the lasting impact of building clean and sustainable energy projects for the next generation,” Alternergy President Gerry Magbanua said. Pérez said Alternergy’s public listing gathered foreign and local investors from all walks of life who have a shared goal of promoting sustainability investments. “We have always been strong advocates for what we call the ‘green democratic capitalism’ – giving every Filipino family, every young professional, every family office, the opportunity to participate in a renewable energy IPO and own a part of a green energy company,” he added. With the expected proceeds from the IPO, Magbanua said the firm will roll out two of its shovel-ready projects to construction phase in the coming months. These are the Solana Solar Power Project in Hermosa, Bataan and the Lamut Run-of-River (ROR) Hydro Project in Lamut, Ifugao. These two projects will receive 35 percent of the IPO proceeds which will form part of the equity capital contribution of the company for its development and construction. Alternergy will also embark on more aggressive pre-development activities for the pipeline of projects using IPO proceeds. These projects include the Ibulao ROR Hydro Project, Tanay and Alabat Wind Projects and offshore wind projects. A third of the IPO proceeds will be used to pay of liabilities in acquiring controlling stake in the existing Kirahon Solar Power Project. Other uses of the IPO proceeds will be allocated to general corporate requirements and working capital to operationalize the company’s Retail Electricity Supplier license.