The board Alternergy Holdings Corp. approved the consolidation of all its land holdings with the acquisition of the newly-established Triple Play Land Corp. (3PLCo).
Alternergy said Thursday its board envisions 3PLCo as a means to consolidate ownership of land used as project sites for the company’s various renewable energy projects, whether wind, solar or run-of-river hydro.
“3PLCo eventually can be used as a platform by ALTER to transform it into a future REIT ([real estate investment trusts] play to raise additional capital for the group,” said Alternergy president Gerry Magbanua.
“3PLCo will be unique due to its diverse holdings of complementary renewable power assets,” he said.
Magbanua said 3PLCo could become Altenergy’s REIT company “eventually, but not in the immediate future.”
Alternergy aims to develop up to 500 megawatts of additional wind, solar and run of river hydro projects in the next two years.
Alternergy completed its acquisition of the issued and outstanding capital stock of Alternergy Solar Holdings Corp., becoming its 100-percent owner.
Alternergy said the move is part of the ongoing restructuring of the company to organize its renewable energy technologies into separate intermediate holding companies.
ASHC will hold Alternergy’s solar energy portfolio similar to the existing Alternergy Wind Holdings Corp. (AWHC) for wind and Alternergy Mini Hydro Holdings Corp. (AMHHC) for hydro.
The company said the creation of ASHC and Alternergy’s 100-percent ownership are expected to bring about a more vitalized solar energy portfolio.
It is also seen to result in perational efficiency and open new markets and access to larger capital resources.
