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.
Part of capital-raising needs
“With our recent Green Energy Auction (GEA) awards, any issuance of green preferred shares will form part of our capital raising needs,” said Alternergy president Gerry P. Magbanua.
“We see this unanimous approval as a vote of confidence in renewable energy’s potential, especially amid global energy security concerns — it is a clear signal that sustainable investments are on the right track,” he added.
Magbanua, however, noted that “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.”
Fund five GEA 4-awarded projects
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.