Alternergy eyes P20B for RE deals
Company’s capex program will finance Alternergy’s triple-play strategy which will involve developing run-of-river hydro, solar and wind projects in the next three to five years
Renewable energy company Alternergy Holdings Corp., led by former Energy Secretary Vicente S. Perez Jr., is investing P20 billion in the next three to five years to expand its clean energy portfolio.
During a press chat on Tuesday, Alternergy president Gerry Magbanua said the company’s capital expenditure program was outlined to finance power development plans.
“Alternergy is embarking on a triple play strategy where we are looking at developing run-of-river hydro projects, solar projects, and wind projects,” Magbanua told reporters.
“In the next three to five years, we will have representative projects for each of these techniques and that’s part of the P20 billion capital expenditure,” he added.
Operating assets in wind and solar
The company has developed 67 MW of operating assets in wind and solar and an additional 62 MW of hydro and solar projects under construction.
Alternergy aims to develop up to 1,245 MW of additional wind, offshore wind, solar, and run-of-river hydro projects.
Magbanua said a portion of the proceeds of its initial public offering set this March will be allotted for capex but noted that the company will also invite partners to “participate in the equity structure” of its projects.
“Take note that for Alternergy, our mantra is not to own 100 percent of these projects so we will invite partners. Our goal is to have majority stakes in these projects — at least 51 percent or 50 percent plus 1 share,” he explained.
At P1.28 per share, Alternergy expects to raise up to P1.6 billion from its IPO. In total, the maiden offering has an offer size of 1.15 billion firm shares and 115 million shares for the over-allotment option, or a total of 1.3 billion shares
Targeting March 24 listing
Based on the company’s latest prospectus, Alternergy targets to list on 24 March; the offer period started on 13 March and will end on 17 March.
Alternergy’s IPO proceeds will bankroll the development and construction of the projects under development namely its Solar project, and Lamut hydro project.
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