Alternergy Holdings Corp. said it will start the construction of two projects in the coming months after successfully raising P1.6 billion through an initial public listing.
The “shovel-ready” projects – Solana Solar Power Project in Hermosa, Bataan and the Lamut Run-of-River (ROR) Hydro Project in Lamut, Ifugao – will receive 35 percent of the IPO proceeds which will form part of the equity capital contribution of the company for its development and construction.
Alternergy shares closed unchanged at P1.28 per share Friday when marked its maiden trading day at the Philippine Stock Exchange (PSE).
Alternergy offered 1.150 billion primary shares and 115 million over-allotment offer shares, representing 32.16 percent the company’s economic ownership, at an initial price of P1.28 per share.
“Alternergy raised a total of P1.47 billion from the primary offer shares and P147 million from the over-allotment offer shares for a total of P1.61 billion,” the company said.
A third of the IPO proceeds will be used to pay off liabilities in acquiring controlling stake in the existing Kirahon Solar Power Project as weak as for working capital of the company’s retail electricity supplier license.
“Our listing at the PSE is part of the continuing growth story of Alternergy. The founders of Alternergy took the bold step when they, along with other same-minded individuals, built the Bangui Bay Wind Farm in 2005. We are listing at the PSE against a backdrop of ongoing global uncertainties. But we believe these challenges are blurred by the lasting impact of building clean and sustainable energy projects for the next generation,” said Gerry Magbanua, Alternergy president.
Vince Pérez, Alternergy chairman, said is also looking at a number of other projects that include the Ibulao run off river hydro project, the Tanay and Alabat Wind Projects and offshore wind projects.
