The Government Service Insurance System (GSIS) has boosted its capacity to fund social security and insurance services after receiving a P117.93 million dividend from renewable energy firm Alternergy Holdings Corp. (ALTER).

The dividend comes a year after GSIS made a P1.45 billion equity investment in ALTER to support its renewable energy projects.

ALTER’s growth plan accelerated

The funding has accelerated ALTER’s “Road to 500 Megawatts (MW)” growth plan, with 311 MW of generating capacity expected by the end of 2025.

“We are very happy to announce the remittance of our first dividend payment to GSIS. This fulfills our commitment to our valued shareholder just one year after its initial investment,” ALTER chairman Vicente S. Pérez Jr. said on Thursday.

“As ALTER’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 added.

Five RE projects

ALTER is constructing five renewable energy projects and aims to achieve its 500 MW target by 2026, in line with the government’s goal of increasing renewable energy’s share to 35 percent by 2030.

To complete its expansion plans, ALTER is considering a second round of capital raising.

The partnership with GSIS underscores the alignment between renewable energy investments and social programs, contributing to sustainable development and energy security in the country.