Alternergy Holdings Corp. is looking to raise as much as P2.18 billion.
The company set up by a group of energy industry executives, including former energy chief Vicente Perez, is looking to sell to the public 1.47 billion share – an initial 1.28 billion primary shares and another 192.22 million secondary shares for the greenshoe option – at an offer price of up to P1.48 apiece.
The company will potentially receive P1.89 billion in fresh funding, based on the amount of primary shares to be sold, which it intends to use for the development and 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, namely Ibulao Hydro project, Tanay Wind project, Alabat Wind project, and Calavite Offshore Wind project, among other.
The company intends to spend P660 million for its Solana and Lamut projects.
The Solana project is a 20-megawatt (MW) solar plant in Hermosa, Bataan. The Lamut project meanwhile is a 6.8 MW run-of-river hydropower plant that will make use of the Cawayan River along the two municipalities of Asipulo and Lamut in the Ifugao Cordillera Administrative Region.
Alternergy is looking to spend P530 million from the proceeds for Kirahon Solar Energy, which operates a 10MW solar plant in Misamis Oriental.
Investment & Capital Corporation of the Philippines will serve as the underwriter for the transaction.
Alternergy was formerly Alternergy Viento Partners Corp. It was founded by a management team led by Pérez, key members of which were involved in the 33 MW Bangui Bay wind farm in North Luzon, the first commercial wind farm in Southeast Asia.
Three of Alternergy’s founding partners were involved in the development of Bangui Bay wind farm. After the project’s completion, these partners, Knud Hedeager, Pérez, and Gerry Magbanua (2008) came together to create Alternergy. – Ruelle Castro
