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.
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