Alternergy Holdings Corp. has raised P2 billion from its maiden fixed-rate notes issuance, tapping the Philippine debt capital market to fund the next phase of its renewable energy expansion.
The renewable power developer said the corporate notes were listed on the Philippine Dealing & Exchange Corp. (PDEx) on Tuesday, following an offering that drew demand from qualified buyers beyond the target issue size.
The strong reception gives Alternergy fresh funding as it expands its renewable energy portfolio across wind, solar, and run-of-river hydro projects under its “Triple Play Portfolio.”
The company said proceeds from the notes will support its growth plans as it continues developing projects across the three renewable energy segments.
The issuance also gives Alternergy another source of capital as renewable power developers face substantial funding requirements to bring projects from development to commercial operation.
PhilRatings assigned the corporate notes a PRS Aa Minus rating with a Stable Outlook, placing the issue within the agency’s investment-grade category.
The rating and oversubscription indicate solid investor demand for Alternergy’s debut in the local debt market, while the company’s expanding project pipeline provides the backdrop for its funding strategy.
Alternergy has positioned the three-pronged portfolio as a way to build a diversified renewable energy platform rather than rely on a single generation technology.
The P2 billion issuance marks the company’s entry into the Philippine corporate debt market at a time when renewable energy developers are seeking capital to scale projects and add capacity to the country’s power system.
