MANILA, Philippines — The Philippine Stock Exchange (PSE) has approved the initial public offering (IPO) of Alternergy, a renewable energy company chaired by former energy secretary Vince Perez.
In its updated terms of offer, Alternergy said it would issue up to 1.15 billion firm shares and up to 115 million shares for the over-allotment option or a total of 1.3 billion shares at P1.48 per share.
The final price, however, is yet to be determined based on a book-building process, as well as its final listing date. Net proceeds from the offer amounting up to P1.7 billion will be used to fund the company’s expansion, particularly the development and construction of the projects under development namely its solar project, and Lamut Hydro project; payment of accrued liabilities on its acquired Kirahon Solar Energy Corp.and pre-development expenses of pipeline projects.
These are Ibulao Hydro project, Tanay Wind project, Alabat Wind project, Calavite Offshore Wind Project and Tablas Strait Offshore Wind Project. Remaining proceeds will be used for general corporate requirements, and working capital to operationalize retail electricity supply.
The company tapped Investment & Capital Corp. of the Philippines (ICCP) as sole issue manager and underwriter.
Alternergy is a renewable energy holding company that has a portfolio of investee companies which embarked on different renewable energy projects such as wind, solar, hydro, floating solar and battery storage power projects.
Its vision is to be a leading renewable energy firm in the Philippines and to create a more sustainable future for the next generation.
The company has developed at least 67 megawatts of operating assets in wind and solar and an additional 62 MW of hydro and solar projects under construction.
Its expansion plans in the next five years include 1,245 MW of additional wind, offshore wind, solar and run of river hydro projects.
Alternergy’s management team is composed of a pioneering group of RE advocates who were also involved in the development of the 33MW Bangui Bay wind farm in Ilocos Norte, the first commercial wind farm in Southeast Asia at that time.
The company also owns majority of Solar Pacific Energy Corp. co-founded with Michael Lichtenfeld, who has extensive experience in solar power projects as a former director of utility project development at SunEdison in USA.