MANILA, Philippines — Alternergy Holdings Corp. is investing around P26 billion to develop 320 megawatts of renewable energy projects as it seeks to double its business over the next two years.
“We’re already talking to lenders to finance the capex (capital expenditures),” Alternergy president Gerry Magbanua told reporters following the company’s annual stockholders’ meeting yesterday.
The robust development pipeline consists of projects awarded to Alternergy under the government’s fourth green energy auction round.
The company is also looking to develop a solar-on-stilts project in Central Luzon, with solar panels installed above a functioning fishpond.
“We will be able to demonstrate that with a solar project on top of a functioning fish farm, we will be able to generate both energy as well as continue to generate or produce food out of the fishpond,” Magbanua said.
To finance capital requirements, Alternergy chairman Vince Perez said the company is planning to secure P20 billion through project financing, while the remaining P6 billion would come from equity or bond issuances.
“We have P25 billion in assets today, plus another P26 billion. So we’re doubling the company in two years (to reach) a P50-billion asset base,” said Perez, also a former energy secretary.
Alternergy is poised to return to the local debt market, planning to raise up to P10 billion through the issuance of fixed-rate green bonds.
The bonds will be issued in tranches over five years and registered with the Securities and Exchange Commission.
The first tranche will comprise a base offer of P3 billion and an oversubscription option of up to P1 billion, with listing on the Philippine Dealing and Exchange Corp. targeted for the first quarter of 2027.
Proceeds from the capital-raising activity will support the company’s upcoming wind and solar projects.
The planned transaction follows Alternergy’s successful maiden issuance of P2 billion in enrolled corporate notes in September.