Renewable energy developer Alternergy Holdings Corp., led by Vince Perez, has obtained the approval of the Securities and Exchange Commission (SEC) for its equity restructuring plan aimed at erasing the company’s deficit as of June 30, 2022.
The SEC’s certificate of approval, issued on May 15, 2023, allows Alternergy to eliminate its deficit of P120.26 million by utilizing its additional paid-in capital of P315.80 million.
With this development, the company has successfully turned around its financial performance, transforming a loss of P271 million in the first quarter of 2022 into a net income of P12.8 million in the same period this year.
Boosted by the proceeds from its P1.62-billion initial public offering, Alternergy registered P41 million in revenues during the quarter.
Looking ahead, the company aims to further expand its portfolio by developing up to 1,370 MW of additional wind, offshore wind, solar, and run-of-river hydro projects over the next five years.