ALTER prepares shares for next capital raise

Alternergy Holdings Corp. (ALTER) secured unanimous approval from a Special Stockholders Meeting to reclassify common shares into a new series of perpetual preferred shares, paving the way for its next capital raising and giving the company access to a wider base of investors.

The company said on Wednesday that the 500 million reclassified shares are divided into non-voting Perpetual Preferred Shares 2, Series D, E, F, G, and H, with a par value of P0.10 per share.

Each series holds 100 million shares and carries the same features as the existing Perpetual Preferred Shares 2 Series A, B, and C.

“The reclassification of ALTER’s new series of perpetual preferred shares is in anticipation of our next capital raising exercise to fund our next round of renewable projects,” Alternergy President Gerry P. Magbanua said.

“Our Green Perpetual Preferred Shares Program will allow Alternergy to access a wider base of both retail and institutional investors to broaden our sources of capital.”

The stockholders’ approval will now be followed by regulatory approval from the Securities and Exchange Commission to amend the company’s articles of incorporation.

In the past year, Alternergy has accelerated construction of four renewable energy projects in wind, solar, and run-of-river hydro as part of its Triple Play Portfolio.

The company raised P9 billion to fund the 4.6 megawatts (MW) Dupinga hydro, 28 MW Solana Balsik solar, 64 MW Alabat wind, and 128 MW Tanay Rizal wind projects.

All are expected to begin operations by late 2025 and early 2026, advancing ALTER’s goal of reaching 500 MW by 2026.