Alternergy Holdings Corp., a listed renewable energy firm, has secured unanimous shareholder approval to raise fresh capital through a planned issuance of green perpetual preferred shares, positioning the company for its next phase of expansion as energy security concerns intensify.
At a special stockholders’ meeting, investors approved the shelf registration of up to 50 million green preferred shares, priced at P100 each and to be issued in one or more tranches.
The move gives Alternergy flexibility to tap the market when conditions are favorable, subject to regulatory approvals from the Securities and Exchange Commission and the Philippine Stock Exchange.
President Gerry P. Magbanua framed the approval as both a funding strategy and a signal of investor confidence. “This is a vote of confidence in renewable energy’s potential,” he said, noting that proceeds will help fund projects awarded under the government’s Green Energy Auction program.
The timing, however, will be deliberate. Magbanua said the company will closely monitor global macroeconomic trends and local market conditions before launching any offer—an acknowledgment of volatility in interest rates, currency movements, and energy markets.
The capital raise comes as Alternergy accelerates project execution. It recently brought online the 28-megawatt Balsik Solar Power Plant in Bataan and the 5-megawatt Dupinga run-of-river hydro facility in Nueva Ecija. Its Tanay and Alabat wind projects are also nearing completion, at around 80 percent progress.
Proceeds from the planned issuance will fund a pipeline of projects totaling up to 500 megawatts, spanning solar, wind, and battery storage across Luzon, Visayas, and Mindanao.
The strategy reflects a broader shift. With geopolitical tensions exposing vulnerabilities in fossil fuel supply chains, renewable energy is increasingly seen not just as a climate solution, but as an economic hedge.
For Alternergy, the challenge now is timing its capital raise to match both investor appetite and an evolving energy landscape.
