Alternergy Holdings Corp. on Tuesday said it has raised P3 billion worth of equity the past nine months following its P1.62 billion initial public offering the previous March.
“The proceeds from our recent capital raising activities position Alternergy to immediately start the next phase of development, in particular the construction of the Tanay and Alabat wind power projects under the Green Energy Auction 2 program of the government,” said Gerry Magbanua, Alternergy president, in a statement.
In a regulatory filing, Magbanua said the business generated P1.45 billion worth of subscriptions on its perpetual preferred shares from state-owned Government Service Insurance System on Monday.
The previous October, Alternergy tapped three investment banks as lead arrangers and raised P12 billion for its Tanay and Alabat wind power projects.
Alternergy looks to geneerate up to 350 megawatts of power over the next three to five years, broken down as 33 MW of solar, 220 MW of onshore wind and 50 MW in run-of-river hydro projects.
Alternergy has an ongoing partnership with Shell Overseas Investment B.V. pursuing offshore wind projects in the Philippines.
