Renewable energy developer Alternergy Holdings Corp. is considering the sale green bonds as a separate transaction and on top of its initial public offering (IPO) this month.
Gerry Magbanua, Alternergy president, said the bonds could raise P2 billion up to P2.5 billion on top of proceeds from the IPO of P1.4 billion more or less.
“We hope to launch that (green bonds) in the next few months. We are aligning the timing in the implementation of our projects,” Magbanua said.
Alternergy is preparing to spend up to P20 billion in the next three to five years to develop as much as 350 megawatts (MW) of new energy projects.
Historically, the company said, projects are funded 70 percent by debt and 30 percent by equity. This means P6 billion of the projected P20 billion capital expenditure will be from equity which may be sourced from potential project partners.
Alternergy said the planned 300 MW to 350 MW projects in the next three to five years include 33 MW for solar, 220 MW for onshore wind and 50 MW for run-of-river hydro projects.
Alternergy has an ongoing partnership with Shell Overseas Investment B.V. pursuing offshore wind projects in the Philippines.
