Local renewable energy firm Alternergy Holdings Corp. has paid the Government Service Insurance System (GSIS) P117.93 million its first annual dividend payment as a perpetual preferred shareholder. This comes after GSIS’s infusion of P1.45 billion into the company earlier this year, a move aimed at accelerating Alternergy’s renewable energy projects.
Alternergy chairman Vicente Perez Jr. expressed optimism about the company’s growth, saying that as its renewable energy portfolio begins to generate power next year, the firm gains in shareholder value. “As Alternergy’s portfolio of renewable power projects starts spinning starting next year, we expect a more robust shareholder value, underscoring our dedication to meaningful and sustainable investments,” Perez said.
The GSIS investment is helping to fast-track the development of up to 500 megawatts (MW) of renewable energy capacity by 2026. Alternergy has five projects under construction, with total projected capacity of 311 MW by 2025.
Alternergy’s renewable energy portfolio stands at 86 MW, including the 54-MW Pililla wind farm in Rizal province. Alternergy aims to play a key role in the country’s transition to more sustainable energy sources.
