Stockholders of Alternergy Holdings Corp. approved the reclassification of its perpetual preferred shares in a bid to raise non-voting equity capital and expand capital sources.
The company said Tuesday’s approval is in anticipation of the company’s next capital raising exercise to fund its renewable energy projects.
“The reclassification of ALTER’s perpetual preferred shares is in anticipation of our next capital raising exercise to fund our renewable projects. Our Green Perpetual Preferred Shares Program will allow Alternergy to access a wider base of institutional investors to broaden our sources of capital,” said Gerry Magbanua, Alternergy president, in a statement.
Earlier this month, Alternergy tapped three investment banks as lead arrangers for a P12 billion project finance structure for the construction of two wind power projects it won under the second Green Energy Auction.
The company, through its subsidiary Alternergy Tanay Wind Corp. (ATWC), also recently signed a contract for lease and revenue-sharing with the Rizal provincial government in relation to e ATWC’s utilization of parcels of land registered in Tanay.
