ALTERNERGY HOLDINGS CORP. plans to raise funds for its next round of renewable energy (RE) projects by converting 500 million existing common shares into a new series of perpetual preferred shares.
“The reclassification of Alternergy’s new series of perpetual preferred shares is in anticipation of our next capital raising exercise to fund our next round of renewable projects,” Alternergy president Gerry P. Magbanua said in a statement on Wednesday.
“Our Green Perpetual Preferred Shares Program will allow Alternergy to access a wider base of both retail and institutional investors to broaden our sources of capital,” he added.
The company said it secured unanimous approval from a special stockholders meeting for the reclassification of 500 million common shares into a new series of perpetual preferred shares.
The reclassified 500 million preferred shares are subdivided into non-voting Perpetual Preferred Shares 2, Series D, E, F, G, and H, with a par value of P0.10 per share, and broken down into 100 million shares per series, with features identical to the existing Perpetual Preferred Shares 2 Series A, B, and C.
The amendment of the articles of incorporation is subject to regulatory approval by the Securities and Exchange Commission.
Alternergy has been developing four renewable projects in wind, solar, and run-of-river hydro as part of its Triple Play portfolio.
In the 12 months ending June, the company raised P9 billion to accelerate construction of its 4.6-megawatt (MW) Dupinga hydro, 28-MW Solana Balsik solar, 64-MW Alabat wind, and 128-MW Tanay Rizal wind projects.
These projects are slated to commence operations by the end of 2025 and early 2026, on track to meet Alternergy’s Road to 500 MW by 2026. — Sheldeen Joy Talavera
