GSIS invests in Alternergy

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State-run pension fund Government Service Insurance System (GSIS) has subscribed to Alternergy Holdings Corp. through a private placement involving P1.45 billion of the latter’s perpetual preferred shares.

“Alternergy’s strategic collaborations with diverse stakeholders and their significant contribution to the Philippines’ energy transition as a renewable energy pioneer makes them attractive to institutional investors such as GSIS…,” said Jose Arnulfo Veloso, GSIS president and general manager, in a statement.

“Our investment in renewable energy not only dovetails with the country’s National Renewable Energy Program but also provides a foundation for stable returns. Our dual-pronged investment underscores our dedication to meaningful and profitable investments for our pensioners, all the while contributing to the nation’s pursuit of clean energy objectives,” Veloso added.

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Vicente Perez Jr., Alternergy chairman, said GSIS’ investment will help the company to roll out its wind, solar and run-of-river portfolio of projects.

Alternergy said Investment and Capital Corp. of the Philippines acted as the financial advisor and sole placement manager for the private placement. – Jed Macapagal

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