Bourse OKs listing of GSIS-held shares in Alternergy
MANILA, Philippines — The Philippine Stock Exchange (PSE) has approved the listing of P1.45-billion worth of shares subscribed by state-run Government Service Insurance System (GSIS) from listed renewable energy developer Alternergy Holdings Corp.
In a stock filing on Thursday, Alternergy said the shares will be listed on the PSE Main Board on March 22 carrying the ticker name ALTP2.
The subscription was done in November last year, involving 100 million shares of the company’s perpetual preferred shares 2 series A through a private placement. Shares are valued at P14.50 apiece.
“One year after [Alternergy’s] debut at the PSE in March 2023, we are able to raise additional equity capital through GSIS as our strategic investor and the listing of these shares in the PSE,” Alternergy president Gerry Magbanua said.
READ: GSIS invests P1.45B in Alternergy
“The partnership with GSIS is an alignment of our shared commitment to sustainability and nation building through renewable energy investments,” Magbanua added.
Green light
Proceeds from this transaction had been earmarked for the construction of the Tanay and Alabat wind power projects, slated for completion by the end of 2025.
With a combined capacity of 163 megawatts (MW), the two wind farms are advancing to the construction phase after the Department of Energy (DOE) issued the certificate of confirmation of commerciality.
This certificate serves as a notice for the project to proceed, after the concerned developer has proven the technical, financial and legal viability of a particular power project.
READ: Alternergy, Basic Energy win new DOE contracts
Alternergy recently completed and signed key commercial contracts, particularly the wind turbine supply and the balance of plant (BOP) engineering, procurement and construction (EPC) contracts.
Wind turbine supply deal
Last February, Chinese multinational corporation Envision Energy bagged the wind turbine supply agreement.
Meanwhile, the BOP and EPC contracts were awarded to China Energy Engineering Group Guangdong Electric Power Design Institute Co. Ltd. and its Philippine subsidiary GEDI Construction Development Corp.
“With the commercial contracts in place, Alternergy is moving as scheduled to issue the notice to proceed with construction by April,” Alternergy Wind Holdings Corp. president Knud Hedeager said.
The Tanay wind project is Alternergy’s third wind project in Rizal while the Alabat Wind Project is its first in Quezon province.These wind projects bagged deals to supply cleaner energy via the DOE’s second Green Energy Auction Program held in July 2023.
