Alternergy raising funds for 500-MW goal
Listed renewable energy producer Alternergy Holdings Corp. has tapped financial advisors to raise funds for its 500-megawatt (MW) capacity target.
In a disclosure on Monday, the group said it has appointed AlphaPrimus Advisors and Astris Finance to explore options Alternergy can exhaust to secure the necessary capital to fund the expansion of its renewables portfolio.
AlphaPrimus, with its expertise in mergers and acquisitions and debt advisory, has engaged in almost 80 transactions worth over $37 billion. The list includes Philippine deals such as Citicore Renewable Energy Corp.’s recent P6.7-billion agreement with Indonesia’s PT Pertamina Power.
READ: Alternergy seals P1-B loan with RCBC to finance solar farm in Bataan
Astris Finance, meanwhile, has also established itself in the global market, particularly in offering investment banking services linked to energy transition projects. With experience of more than two decades, it has helped close $60 billion worth of transactions.
Article continues after this advertisement“We are advancing to the next phase of our capital raising program. We are excited to partner and work closely with AlphaPrimus and Astris Finance who have a strong track record of successfully closing M&A deals both locally and internationally,” said Gerry Magbanua, president of Alternergy.
Article continues after this advertisementThe firm said it was now gearing up for its “robust expansion plans in the next two years.”
Alternergy said it would provide more details, including how much more capital it needs as well as the timeline for the planned fund-raising activities, once the financial advisors complete their study and report.
The company has a portfolio of different renewable energy technologies, such as wind, run-of-river hydro, solar farm and commercial rooftop, battery storage and offshore wind energy.
Currently, it has 11 operating assets with a total combined capacity of 86MW. This year, Alternergy expects 225MW more capacity to add to four other developments set to be completed.
Supporting the government’s clean energy push, Magbanua earlier showed interest in joining the green power auction, an initiative designed to boost the share of renewables in the power mix.