Alternergy Holdings Corp., which was founded by a team led by former energy chief Vince Perez, has filed an application for an initial public offering to raise up to P2.2 billion on the Philippine Stock Exchange.
The company plans to sell up to 1.28 billion primary shares, with an overallotment option of up to 192.22 million shares, at a maximum price of P1.48 each.
Proceeds from the IPO, amounting to P2.18 billion, will be used to bankroll Alternergy’s aggressive expansion which includes the construction of the company’s Solana Solar and Lamut hydro projects; payment for acquisition of Kirahon Solar Energy Corp. shares; pre-development expenses of pipeline projects Ibulao hydro, Tanay Wind, Alabat Wind and Calavite Offshore Wind; general corporate requirements and working capital to operationalize Retail Electricity Supply.
The company has mandated Investment & Capital Corporation of the Philippines as the underwriter for the transaction.
Alternergy aspires to be a leading renewable energy firm in the Philippines and to strive to create a more sustainable future for the next generation.
Three of Alternergy’s founding partners were involved in the development of Bangui Bay wind farm. After the project’s completion, Knud Hedeager, Perez and Gerry Magbanua came together to create Alternergy, applying what they learned at Bangui Bay to break new ground on more renewable energy projects.
Hedeager likewise developed the Commonal-Uddiawan 1.8 MW run-of-the-river mini-hydro project in Solano Nueva Vizcaya in December 2010 before the creation of Alternergy’s mini hydro portfolio.
Lichtenfeld, on the other hand, was a former director of Utility Project Development at SunEdison in San Francisco, responsible for the entire western US focused on the Nevada and California solar markets. He led the development of the 24.8MWp Apex solar project, the 25 MWp Vega solar project, and the 38.5MWp Spectrum solar project.
Alternergy has developed 67.24 MW3 of operating assets in wind and solar, and an additional 62 MW4 of hydro and solar projects that have reached financial close.
Alternergy’s hydro, wind, and solar projects have a gross capacity of up to 1,245.15 MW5.
The company may also acquire other renewable energy projects.
