Alternergy shareholders approves new series of preferred shares to raise fresh capital

• Stockholders approved a reclassification to 500 million Perpetual Preferred Shares

• Company to widen capital base to retail and institutional investors to broaden capital sources

• Move in anticipation of Alternergy’s next round of renewable projects after 2026

  
  
  
  

Renewable power pioneer and publicly listed Alternergy Holdings Corporation’s (ALTER) obtained unanimous approval from a Special Stockholders Meeting today for the reclassification of 500 million common shares into new series of perpetual preferred shares in anticipation of its next round of capital raising. 

The reclassified five hundred million preferred shares are subdivided into non-voting Perpetual Preferred Shares 2, Series D, E, F, G and H, with a par value of Php 0.10 per share, and broken down into 100 million shares per Series, with features identical to 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.”

In recent months, Alternergy has undertaken back-to-back construction of four renewables projects in wind, solar and run-of-river hydro as part of its Triple Play Portfolio.  In the last twelve months ending June 2025, Alternergy has raised Php 9 billion to accelerate construction of its 4.6 MW Dupinga hydro, 28 MW Solana Balsik solar, 64 MW Alabat wind and 128 MW Tanay Rizal wind projects.  These four projects are expected to commence operations by the end of 2025 and early 2026, on target to ALTER’s Road to 500 MW by 2026.

With the stockholders’ approval, the amendment of articles of incorporation is subject to regulatory approval by the Securities and Exchange Commission.