Alternergy Holdings Corp. said Friday that shareholders had approved a shelf registration and future public offering of up to 50 million green preferred shares.
In a disclosure, it said the shares would be offered in one or more tranches at P100 apiece from unissued capital stock.
“With our recent Green Energy Auction (GEA) awards, any issuance of green preferred shares will form part of our capital-raising needs,” Alternergy President Gerry Magbanua said.
“We see this unanimous approval as a vote of confidence in renewable energy’s potential, especially amidst global energy security concerns — it is a clear signal that sustainable investments are on the right track,” he added.
Any public offering of green preferred shares will be subject to regulatory approval by the SEC and the Philippine Stock Exchange (PSE), the company added.
Alternergy said the program could raise up to P5 billion in proceeds over five years, which it plans to allocate toward the construction of five new projects won under the fourth round of the Green Energy Auction program, or GEA-4.
The five GEA-4 projects — Liberty Floating Solar Phase A and Phase B, Kalandagan Solar plus battery energy storage system, and the Alegria wind and the Tayabas North wind projects — have a combined capacity of up to 500 megawatts.
Alternergy shares on Friday added P0.04, or 5.13 percent, to close at P0.82 each, outperforming the benchmark PSE index’s 0.14-percent gain.