Alternergy Holdings Corp. is planning to raise up to P5 billion after shareholders unanimously approved the shelf registration of Green Perpetual Preferred Shares to fund its expanding renewable energy projects.

The company said Friday that shareholders approved the planned issuance of up to 50 million Green Perpetual Preferred Shares at P100 each in a special stockholders’ meeting on Wednesday.

The sale may be offered in one or more tranches from the company’s unissued capital stock.

“With our recent Green Energy Auction (GEA) awards, any issuance of green preferred shares will form part of our capital raising needs.

We see this unanimous approval as a vote of confidence in renewable energy's potential, especially amidst global energy security concerns – it is a clear signal that sustainable investments are on the right track,” Alternergy president Gerry P. Magbanua said. 

Magbanua, however, noted, “any issuance will be properly timed to take into consideration market conditions.”

“The Middle East tensions just highlighted how vulnerable the global economy is, including the Philippines. It is time to move faster towards renewables,” he added.

Proceeds from the preferred share issuance will fund the development of five GEA 4–awarded projects totaling up to 500 megawatts (MW), including the Liberty Floating Solar Phases A and B, Kalandagan Solar + BESS, Alegria Wind, and Tayabas North Wind.

Alternergy has recently placed two new renewable power plants into commercial operation—the 28-MW Balsik Solar Power Plant in Bataan and the 5-MW Dupinga run-of-river hydro plant in Nueva Ecija. 

To date, construction of its 128 MW Tanay Wind and 64 MW Alabat Wind projects has reached about 80 percent completion.