ALTERNERGY Holdings Corp. said its capital raising activities has reached P20 billion over a period of 15 months since its initial public offering in March 2023.
The company said the capital raising program is aimed at funding the accelerated construction of up to 204 megawatts (MW) of new capacity targeted to come online by 2025 including the 112 MW Tanay wind power project in Tanay, Rizal as well as the 64 MW Alabat wind power project in Quezon Province and the 28 MW Solana solar power project in Hermosa, Bataan.
“Alternergy’s initial capital raising activity since the IPO in March 2023 is almost at the homestretch. The P20 -billion funding will support the timely completion of new generation capacities to contribute to the government’s target to increase renewable energy share and help beef up the country’s power supply situation,” said Gerry Magbanua, Alternergy president, in a statement.
In a separate briefing with reporters yesterday, Magbanua said of the P20 billion, P10 billion will go to the Tanay project, P7 billion to the Alabat project, P1.3 billion to the Solana project and the remaining amount to “keep building a pipeline of projects.”
Magbanua said the P20 billion will cover capital expenditures until next year. The company will raise funds for projects that will be pushed for 2026 and beyond.
Alternergy is also pushing for an aqua-voltaic project in Tarlac and an expansion of existing solar rooftop power projects.
“As the development of these new projects progresses, new capital raising program will also take off. Alternergy is focused on building more renewable and sustainable energy projects,” Magbanua said.
Alternergy eyes to have a total capacity of around 486 MW by 2026.
