Alternergy Holdings Corp. has raised P2.3 billion from the partial sale of two wind power projects nearing completion that would support its capital for expansion.

The listed renewable energy developer on Monday confirmed that ABC Energy Inc., the energy arm of A Brown Company Inc., completed its P2.3-billion investment in Alternergy Tanay Wind Corp. and Alabat Wind Power Corp., acquiring a 40 percent stake in each project company.

Early closing adjustment

Alternergy said the final investment value reflected an early closing adjustment after A Brown opted to complete the transaction ahead of the project's commercial operations.

The deal, which received Philippine Competition Commission clearance in March, was completed through a combination of share subscriptions and share purchases.

“The decision to complete the investment ahead of commercial operations of both projects underscores their confidence in Alternergy’s renewable energy platform and long-term growth strategy,” Alternergy president Gerry Magbanua said.

“We are particularly pleased to partner with A Brown, whose longstanding history and legacy in the province of Rizal make this investment especially meaningful. This partnership strengthens our capital base as we pursue our target of building up to 500 MW of additional renewable energy capacity by year-end,” he added.

RE footprint expanded

For A Brown, the investment expands its footprint in the renewable energy (RE) sector through two utility-scale wind projects expected to begin generating electricity later this year.

“At A Brown, we have always believed that businesses endure when they contribute meaningfully to society. Our investment in Alternergy’s wind projects is rooted in that philosophy,” said A Brown chairman emeritus Dr. Walter Brown.