Renewable energy firm Alternergy Holdings Corporation is taking steps to achieve its clean energy capacity goals by appointing two financial advisors for its capital raising program.

In a disclosure to the Philippine Stock Exchange on Monday, Jan. 20, Alternergy announced that it had engaged AlphaPrimus Advisors and Astris Finance to assist with its capital raising framework.

This framework will support the development and achievement of its 500 megawatt (MW) capacity target.

Gerry P. Magbanua, Alternergy president, expressed optimism about the collaboration, highlighting the potential for securing advantageous financial deals.

AlphaPrimus specializes in mergers and acquisitions (M&A) advisory, including buy-side and sell-side transactions, as well as debt management.

"We are advancing to the next phase of our capital raising program. We are excited to partner and work closely with AlphaPrimus and Astris Finance, who have strong track records of successfully closing M&A deals both locally and internationally," Magbanua said.

AlphaPrimus has an impressive track record in the Philippines, having closed nearly P1 trillion ($37 billion) worth of transactions.

Notably, they assisted Citicore Renewable Energy Corporation (CREC) in securing a deal with PT Pertamina Power Indonesia and helped Ayala-led ACEN Corporation retire its South Luzon Thermal Energy Corp. (SLTEC) coal-fired power plant.

Astris Finance boasts a global portfolio of $60 billion (P3.5 trillion) in closed transactions, with significant experience in Southeast Asia.

"In Singapore, Vietnam, Indonesia, Thailand, and the Philippines, [Astris Finance] has successfully acted in the past three years as exclusive financial advisor on six M&A/capital raise transactions for an aggregated value of more than USD 500 million," Alternergy stated.

The decision to collaborate with these two financial advisors follows Alternergy's successful raising of P20 billion since its public listing in March 2023.