GSIS’ P1.46-B investment boosts Alternergy’s equity

State pension fund Government Service Insurance System, or GSIS, has officially infused P1.45 billion in additional capital into Alternergy Holdings Corp. in exchange for perpetual preferred shares subscription in the renewable power firm. 

Alternergy confirmed on Tuesday that it received the payment from the GSIS on Monday, 18 December.

"We are pleased to receive the GSIS investment which boosts our equity base. Alternergy has raised a total of P3 billion in equity capital in the last nine months following our P1.62 billion initial public offering in March this year," Alternergy, president Gerry P. Magbanua said. 

Starting next phase of development

Magbanua said the proceeds from the recent capital raising positions Alternergy to immediately start the next phase of development, in particular the construction of the Tanay and Alabat Wind Power Projects."

The two projects won the Green Energy Auction Program of the Department of Energy or DoE. 

Alternergy has further undertaken back-to-back corporate finance activities to secure capital for its project pipeline.

Last week, Alternergy mandated BDO Capital & Investment Corp. as a mandated lead arranger or MLA for up to P4 billion of fixed and repriceable rate green corporate notes.

In early October, Alternergy tapped three investment banks — BPI Capital, RCBC Capital, and SB Capital — as lead arrangers to raise the P2 billion project finance structure for the Tanay and Alabat Wind Power Projects.