Alternergy Holdings Corp. said Friday its board approved a public offering of up to P5 billion in green perpetual preferred shares (PPS) to fund the construction of several renewable energy projects.
The offering consists of up to P3 billion in PPS with an oversubscription option for another P2 billion. The shares will be issued from the unissued PPS2 Series B and Series C to support projects recently awarded under the fourth round of the Green Energy Auction Program (GEA 4).
Alternergy president Gerry Magbanua said the public offering sets in motion a new round of capital raising as the company rolls out its next pipeline of projects.
The company mandated PNB Capital and Investment Corp. and RCBC Capital Corp. as joint issue managers, joint lead underwriters and joint bookrunners for the transaction, which remains subject to regulatory approval.
The capital push follows a significant win in January 2026, when the Department of Energy formally awarded Alternergy five projects under GEA 4.
These projects, located across the Luzon, Visayas and Mindanao, have a combined capacity of up to 500 MW. The portfolio includes the Liberty floating solar Phase A and Phase B, the Kalandagan solar and battery energy storage system and the Alegria and Tayabas North wind projects.
The new capacity increases the company’s target to 1 gigawatt by 2030.
Magbanua said the Securities and Exchange Commission recently awarded the company the first Green Equity Label certification, which he expects will boost sustainability-focused investment.
“We are thrilled to introduce this innovative Green PPS, and we confident the capital market is ready to welcome green instruments. This public offering provides retail and institutional investors with compelling opportunities while supporting sustainable nation-building,” Magbanua said.
The company recorded a net income of P84.11 million in the fourth quarter. Operating revenues rose 4 percent to P188 million from P181 million in the same period in 2024.
Growth was led by revenue from the 28-MWpeak Balsik Solar Power Plant during its testing and commissioning phase.
