Alternergy taps AlphaPrimus, Astris as financial advisors for capital raising

Renewable energy firm Alternergy Holdings Corp. (ALTER) has appointed AlphaPrimus Advisors and Astris Finance as financial advisors for its next capital raising initiative, which company officials said last year will amount to an estimated P15 billion.

The firm led by former Energy Secretary Vince Perez said on Monday, Jan. 20, 2025 that the selection followed a rigorous process aimed at supporting the company’s “Road to 500 Megawatts” capacity target.

Alternergy led by chair Vince Perez (3rd from left) and president Gerry Magbanua (2nd from right) share a light moment after the renewable energy firm awarded financial advisory engagement to AlphaPrimus and Astris Finance for next capital raising initiative.

In a disclosure to the Philippine Stock Exchange (PSE), Alternergy highlighted that the new capital raising effort builds on the company’s recent success in securing P20 billion in funding within 15 months of its public listing in March 2023.

“We are advancing to the next phase of our capital raising program. We are excited to partner and work closely with AlphaPrimus and Astris Finance who have strong track record of successfully closing mergers and acquisitions (M&A) deals both locally and internationally,” said Gerry Magbanua, president of Alternergy.

AlphaPrimus Advisors specializes in M&A and debt advisory services. The firm has advised on nearly 80 transactions worth over $37 billion, including key deals in the Philippines’ power and renewable energy sectors.

Its notable transactions include Citicore Renewable Energy Corp.’s P6.7-billion strategic partnership with PT Pertamina Power Indonesia and ACEN Corp.’s P17.4-billion energy transition mechanism for the early retirement of its SLTEC coal plant.

Since its inception in 2018, AlphaPrimus has received multiple accolades, including the Best M&A Adviser in the Philippines award from The Asset in 2021 and 2022.

Astris Finance, a global advisory firm specializing in energy transition projects, brings 25 years of experience and $60 billion in completed transactions worldwide.

Over the past three years, the firm has served as the exclusive financial advisor for six M&A and capital-raising transactions in Southeast Asia, valued at more than $500 million.

Astris Finance is consistently ranked among the top financial advisors in the IJ Global League Tables, including a number one ranking for European renewables.

Alternergy’s collaboration with these financial advisors is expected to enhance its strategic financing capabilities as it pursues its renewable energy expansion goals, the company said.

Original article: Insider.ph