Alternergy bourse debut raises P1.6B

The bourse debut of Alternergy Holdings Corp.. a renewable energy company led by former Energy Secretary Vicente S. Perez, Jr., has generated a total of P1.61 billion, which will be used to bankroll portfolio expansion.

Alternergy offered 1.15 billion primary shares and 115 million over-allotment offer shares, representing 32.16 percent of the company’s economic ownership, at an initial price of P1.28 per share.

“As the first IPO for the year, Alternergy has once again proven to be a pioneer in joining the public equities market,” Alternergy chairman Pérez said on Friday.

“We have always been strong advocates for what we call the ‘green democratic capitalism’ — giving every Filipino family, every young professional, every family office, the opportunity to participate in a renewable energy initial public offering or IPO and own a part of a green energy company,” he added.

Broad support for IPO

As the first IPO for the year, Alternergy has once again proven to be a pioneer in joining the public equities market.

Perez said both foreign and local investors supported the company’s initial public offering.

Particularly, Alternergy will allot 35 percent of the IPO proceeds to support two of its “shovel-ready projects” to the construction phase in the coming months — the Solana Solar Power Project in Hermosa, Bataan and the Lamut Run-of-River Hydro Project in Lamut, Ifugao.

Recently, Alternergy disclosed that it will invest P20 billion in the next three to five years to expand its clean energy portfolio. A portion of this massive investment will be funded by the IPO proceeds.

The company aims to develop up to 1,245 MW of additional wind, offshore wind, solar, and run of river hydro projects.

Alternergy was involved in the development of the 33-MW Bangui Bay wind farm in Ilocos Norte — the first commercial wind farm in Southeast Asia at that time.

PHOTOGRAPH COURTESY OF PSE ALTERNERGY Holdings Corporation, having a stock symbol ‘ALTER’, listed its shares at the Philippine Stock Exchange on Friday, 24 March, making it the first company to debut on the stock market this year. At the stock’s debut are (from left) ALTER Director Michael Lichtenfeld, ALTER Director Eduardo Miranda, ALTER Director Knud Hedeager, ALTER president Gerry Magbanua, ALTER Independent director and Former Trade and Industry Secretary Gregory Domingo, ALTER chairperson and Former Energy Secretary Vicente Perez Jr., PSE director Wilson Sy, PSE president and CEO Ramon Monzon, PSE COO Roel Refran, PSE issuer regulation division head Marigel Baniqued-Garcia, PSE general counsel Veronica del Rosario and Securities Clearing Corporation of the Philippines COO Renee Rubio.