Alternergy Holdings Corp. said Wednesday its shareholders unanimously approved the reclassification of 500 million common shares into new series of perpetual preferred shares in anticipation of its next round of capital raising.
The reclassified 500 million preferred shares are subdivided into non-voting perpetual preferred shares 2, Series D, E, F, G, and H, with a par value of P0.10 per share, and broken down into 100 million shares per series. The shares have features identical to the existing perpetual preferred shares 2, Series A, B, and C.
“The reclassification of ALTER’s new series of perpetual preferred shares is in anticipation of our next capital raising exercise to fund our next round of renewable projects,” Alternergy president Gerry Magbanua said.
“Our Green Perpetual Preferred Shares Program will allow Alternergy to access a wider base of both retail and institutional investors to broaden our sources of capital,” he said.
Alternergy has undertaken the back-to-back construction of four renewables projects in recent months as part of its Triple Play Portfolio. The projects include wind, solar and run-of-river hydro.
Over the last 12 months ending in June 2025, Alternergy has raised P9 billion to accelerate construction of its 4.6-megawatt Dupinga hydro, 28-MW Solana Balsik solar, 64-MW Alabat wind and 128-MW Tanay Rizal wind projects.
These four projects are expected to begin operations by the end of 2025 and early 2026, putting the company on target for its goal of 500 MW by 2026.
