Alternergy successfully raises P2 billion from maiden notes issue
Alternergy successfully raised P2 billion from its fixed-rate notes issuance, marking the company’s maiden venture into the Philippine debt capital markets.
The 1.5-year notes carries a very strong investment-grade rating of PRS Aa Minus with a Stable Outlook.
The Issue was oversubscribed and received an overwhelming response from more than 125 Qualified Buyers (QBs), with the marketing period shortened.
Listed on the Philippine Dealing & Exchange Corporation (PDEx).
Proceeds for development of projects awarded under Green Energy Auction 4.
The issuance supports Alternergy’s growing portfolio of wind, solar, and run-of-river hydro projects of 311 MW by end-2026, supported by the Tanay Wind and Alabat Wind projects for completion in the coming months.
Alternergy Holdings Corporation (PSE: “ALTER”), a Philippine pioneer in renewable power development, today successfully raised P2 billion from its maiden fixed rate notes issuance in the Philippine debt capital markets. Proceeds from the issuance will be used to support the company’s next phase of growth of its renewable energy portfolio. The corporate notes were listed today on the Philippine Dealing & Exchange Corp. (PDEx).
The maiden issuance received strong interest from Qualified Buyers (QBs), with investor demand exceeding the target issue size. The positive reception reflects investor confidence in Alternergy’s growth strategy, expanding renewable energy platform, and long-term prospects as the company continues to build its Triple Play Portfolio across wind, solar, and run-of-river hydro. The Corporate Notes was given a very strong investment-grade rating of PRS Aa Minus with a Stable Outlook by PhilRatings.
“Our maiden issuance in the Philippine debt capital markets is an important milestone in Alternergy’s journey and reflects the strength of the platform we have built,” said Vincent Perez, Jr., chairman of Alternergy Holdings Corporation former Energy Secretary and himself a former capital markets banker on Wall Street. “More than providing capital, this transaction allowed sophisticated investors to participate in our expanding Triple Play renewable portfolio, support the country’s energy security, and help accelerate the clean energy transition in light of recent energy disruptions in the Middle East. We were very pleased with BDO’s rapid book building execution of our maiden Corporate Notes issue.”
BDO Capital & Investment Corporation was sole issue manager and arranger for the transaction. “The strong investor demand for Alternergy’s maiden issuance exceeded target issue size, which was oversubscribed by more than 125 QBs, reflects investor confidence in its growth strategy and in the opportunities in Philippine renewable energy. It also demonstrates the role our domestic capital markets can play in funding the country’s growth. We are pleased to support Alternergy as it continues to expand,” said Eduardo V. Francisco, president of BDO Capital & Investment Corporation.
The successful issuance allows Alternergy to explore future capital market initiatives to broaden its funding sources to advance its Triple Play strategy spanning wind, solar, and run-of-river hydro. This integrated mix is designed to build a balanced portfolio of complementary power generation and diversified revenue streams across varying seasonal conditions.
To date, the company has 119 MW of operating portfolio across the Philippines and the Republic of Palau. The company expects its operating capacity to increase to approximately 311 MW by end-2026, as its 128 MW Tanay Wind and 64 MW Alabat Wind projects advance toward commercial operations in a few months. Both projects were awarded under the DOE’s GEA 2.
On top of these two wind projects, Alternergy has a growing development pipeline with projects awarded under GEA 4, including Liberty Solar, Kalandagan Solar, Alegria Wind, and Tayabas North Wind, with a combined potential capacity of approximately 762 MW. The proceeds from the issuance will primarily be utilized to support these projects, as well as other corporate purposes, including payment of existing loans.
Photo taken during the bell ringing ceremony at the Philippine Dealing & Exchange Corporation. From left to right: Knud Hedeager, President, Alternergy Wind; Eduardo Mañalac, Independent Director, Alternergy; Gregory Domingo, Board Adviser, Alternergy; Ma. Theresa Ravalo, President, PDTC; Eduardo Miranda, President, Alternergy Hydro; Vicente Perez, Jr., Chairman, Alternergy; Gerry Magbanua, President, Alternergy; Michael Lichtenfeld, President, Alternergy Solar; Stephanie Marie Zulueta, President, PDEx; Eduardo Francisco, President, BDO Capital; Joey Gotuaco, President, BDO Private Bank; Barbara Billano, FVP/Head of Corporate Finance, BDO Capital; Carmen Diaz, CFO, Alternergy.
