Alternergy Holdings Corp.’s stockholders approved the reclassification of the company’s perpetual preferred shares in a bid to raise non-voting equity capital and expand capital sources.
The company said this was in anticipation of its next capital raising exercises to fund its renewable energy (RE) projects.
“The reclassification of ALTER’s perpetual preferred shares is in anticipation of our next capital raising exercise to fund our renewable projects. Our green perpetual preferred shares program will allow Alternergy to access a wider base of institutional investors to broaden our sources of capital,” said Gerry Magbanua, Alternergy president.
Earlier this month, Alternergy tapped three investment banks as lead arrangers of a P12 billion project finance package for the construction of two wind power projects it won under the second Green Energy Auction (GEA-2) with capacity of up to164 megawatts (MW) and seen completed by 2025.
Alternergy issued the mandate to BPI Capital, RCBC Capital and SB Capital to help complete its wind power projects in Tanay, Rizal and in Alabat, Quezon.
