Alternergy’s scaled down IPO gets PSE OK, now seeks to raise P1.87B

Alternergy Holdings Corp., founded by former Energy Secretary Vicente Perez, received the green light from the Philippine Stock Exchange to proceed with its initial public offering, which has been scaled down to P1.87 billion from P2.2 billion.

Based on its revised prospectus, Alternergy Holdings will sell up to 1.3 billion shares at a maximum price of P1.48 per share to finance the development of new projects, pay down debt and for general corporate requirements.

The IPO comprises of 1.15 billion common shares and an over allotment option for another 150 million shares.

Net proceeds from the offer will go to the construction of projects under development, namely Solana Solar and Lamut Hydro, debt repayment for the acquisition of Kirahon Solar Energy Corp., and pre-development expenses of pipeline projects, namely Ibulao Hydro, Tanay Wind, Alabat Wind, Calavite Offshore Wind and Tablas Strait Offshore Wind.

BDO Capital & Investment Corporation and Investment & Capital Corporation of the Philippines are the joint issue managers and joint lead underwriters for the offer.

Alternergy Holdings is a renewable energy holding company with a portfolio of investee companies with wind, solar, hydro, floating solar and battery storage power projects.

It currently has 67.24 megawatts of operating assets in wind and solar, with potential installed capacity of up to 1,368 MW of renewable energy.