ALTERNERGY Holdings Corp. successfully raised P2 billion from its maiden fixed-rate notes issuance in the Philippine debt capital market, with the notes having been listed on the Philippine Dealing & Exchange Corp. (PDEx) on Tuesday.
The company said proceeds from the issuance would be used to support the next phase of growth of its renewable energy portfolio.
“Our maiden issuance in the Philippine debt capital markets is an important milestone in Alternergy’s journey and reflects the strength of the platform we have built,” Alternergy Chairman Vincent Perez Jr. said.
BDO Capital & Investment Corp., the sole issue manager and arranger for the transaction, said Alternergy’s maiden issuance was met with strong investor demand as the target issue size was oversubscribed.
“It reflects investor confidence in Alternergy’s growth strategy and in the opportunities in Philippine renewable energy, and also demonstrates the role our domestic capital markets can play in funding the country’s growth,” BDO Capital President Eduardo Francisco said.
Alternergy said the successful fundraising would allow it to explore future capital market initiatives to broaden funding sources for the development of its renewable energy projects spanning wind, solar and run-of-river hydro.
The company said that to date, it had 119 megawatts (MW) of operating energy plants across the Philippines and in the Republic of Palau. It added that it expected operating capacity to increase to approximately 311 MW by end-2026, with its 128-MW Tanay Wind and 64-MW Alabat Wind projects moving toward commercial operations in a few months.
Alternergy shares on Tuesday edged up by P0.01, or 1.54 percent, to close at P0.66 per share amid a 0.87-percent dip for the benchmark Philippine Stock Market index.
