ALTERNERGY HOLDINGS Corp. has transferred 60,060 shares in its subsidiary Alternergy Tanay Wind Corp. (ATWC) to another subsidiary Pililla A VPC Corp. (PACO) to consolidate its wind assets.
The listed energy company’s board of directors approved on Tuesday the sale of all of its shares in ATWC, it said in a regulatory filing on Wednesday.
“The transfer of the ATWC shares currently held by ALTER to PACO serves as a realignment of ALTER’s corporate entities so that ATWC, similar to other special purpose vehicles for wind resource development, will fall under PACO,” Alternergy said.
ATWC was its subsidiary focused on the development of the 86-megawatt (MW) Tanay wind power project in the province of Rizal.
PACO is Alternergy’s intermediate holding company for its project companies implementing wind resource development.
The company said that PACO will be changing its name to Alternergy Wind Holdings Corp., which will own current and future wind assets.
“The change is being effected so as not to run into valuation issues down the road when new capital has been infused in ATWC and construction works are underway for the Tanay Wind Power Project,” the company said.
Alternergy aims to develop up to 1,370 MW of renewable energy sources such as onshore and offshore wind, solar, and run-of-river hydropower.
At the local bourse on Wednesday, shares of the company closed at P0.76 apiece.
Originally published: BusinessWorld Online