State-run Government Service Insurance System (GSIS) subscribed to P1.45 billion worth of preferred shares in renewable power firm Alternergy Holdings Corp.
Alternergy said in a disclosure to the Philippine Stock Exchange Tuesday it already received the P1.45-billion capital infusion from GSIS.
“We are pleased to receive the GSIS investment which boosts our equity base. Alternergy has raised a total of P3 billion in equity capital in the last nine months following our P1.62-billion initial public offering [IPO] in March this year,” Alternergy president Gerry Magbanua said.
“The proceeds from our recent capital raising activities positions Alternergy to immediately start off the next phase of development, in particular the construction of the Tanay and Alabat wind power projects, under the Green Energy Auction 2 [GEA 2] program of the government,” he said.
GSIS president and general manager Jose Arnulfo Veloso earlier said the agency’s growing commitment to sustainability “propels us to build a solid investment portfolio of renewable energy infrastructure projects.”
“Alternergy’s strong emphasis on RE complements and supports this commitment,” Veloso.
Alternergy conducted back-to-back corporate finance activities to secure capital for its project pipeline. The company tapped BDO Capital & Investment Corp. (BDO Capital) as the mandated lead arranger (MLA) for P4 billion of fixed and repriceable rate green corporate notes.
Alternergy also engaged BPI Capital, RCBC Capital and SB Capital as lead arrangers for the P12-billion project finance structure for the Tanay and Alabat wind power projects in October.
The company is developing various renewable energy projects, particularly wind, run-of-river hydro, solar farm and commercial rooftop, battery storage and offshore wind projects.
It aims to develop 1,370 megawatts of renewable projects in the next five years.
