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Manila Bulletin devider Business devider The Stock Market devider RE firm Alternergy pays P118 million to GSIS, boosts green energy

RE firm Alternergy pays P118 million to GSIS, boosts green energy

Published Dec 19, 2024 07:46 am

Renewable energy (RE) firm Alternergy Holdings Corporation announced that it has remitted its first annual dividend payment to the state pension fund, the Government Service Insurance System (GSIS).

In a disclosure to the Philippine Stock Exchange on Thursday, Dec. 19, Alternergy said it paid nearly P118 million to GSIS, its perpetual preferred shareholder. This follows the pension fund’s investment in the RE company.

Last year, GSIS subscribed to Alternergy's Perpetual Preferred Shares 2 Series A with a total value of P1.45 billion.

This investment will help support the National Renewable Energy Program, as Alternergy plans to increase its green energy portfolio in the country.

It also helped accelerate Alternergy’s goal of reaching 500 megawatts (MW) capacity by 2026 and will boost the government’s target of a 35 percent RE share by 2030.

Vicente Perez Jr., Alternergy’s chairman, expressed delight that they were able to remit dividends to the state pension fund.

“This fulfills our commitment to our valued shareholder just one year after its initial investment… As Alternergy’s portfolio of renewable power projects starts spinning starting next year, we expect a more robust shareholder value, underscoring our dedication to meaningful and sustainable investments,” he said.

Currently, Alternergy has five projects under construction and is expected to generate 311 MW by the end of 2025.

The RE firm also eyes a second round of capital raising to achieve its 500 MW growth target by 2026. This capacity would be achieved through the development of wind, solar, and run-of-river hydro projects.

The company is also engaged in solar farm and commercial rooftop, battery storage, and offshore wind projects.

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