Renewable energy producer Alternergy Holdings Corp. on Monday reported raising capital funds of over P20 billion since its initial public offering in March 2023.
The company said the money will fund the accelerated construction of up to 204 megawatts of new capacity targeted to come online in 2025, including the 112-MW Tanay wind power project in Rizal province as well as the 64-MW Alabat wind power project in Quezon province and the 28-MW Solana solar power project in Hermosa, Bataan.
“Alternergy’s initial capital raising activity since the IPO in March 2023 is almost at the homestretch. The P20 billion funding will support the timely completion of new generation capacities to contribute to the government’s target to increase renewable energy share and help beef up the country’s power supply situation,” said Gerry Magbanua, Alternergy president, in a statement.
Magbanua said the P20 billion is broken down into P10 billion for the Tanay project, P7 billion for the Alabat project, P1.3 billion for the Solana project and the balance for “building a pipeline of projects.”
He said over P20 billion will cover capital expenditures until next year, with the company needing to raise funds for projects pushed for 2026 and beyond.
Alternergy is also pursuing an aqua-voltaic project in Tarlac and the expansion of existing solar rooftop power projects.
“As the development of these new projects progresses, new capital raising programs will also take off. Alternergy is focused on building more renewable and sustainable energy projects,” Magbanua said.
Alternergy aims to build capacity reaching 486 MW by 2026.
Last year, Alternergy eyed building up to 350 MW of power projects in three to five years broken down as 33 MW solar, 220 MW onshore wind and 50 MW run-of-river hydro projects.
